Domino’s to invest Rs 2 billion - CEO

Jubilant Foodworks Ltd, franchise holder of Domino’s Pizza will invest Rs 2b within the next five years, while plans are under way to open seven to eight outlets during this financial year.

CEO Jubilant FoodWorks Ltd, Ajay Kaul said political stability together with the Government investing in infrastructure and promoting investments, Sri Lanka is like a shining star. Sri Lankans like to dine out and as the disposable income of people increases, spending on food will increase. He said that in the years to come, the food industry will do extremely well and as the country develops, more international brands will want to come to Sri Lanka, said Kaul. Therefore, we are very upbeat.As the tourism sector develops there will be more opportunities for international brands as foreigners prefer to consume food brands they are familiar with.

He said that their company was optimistic about Sri Lanka and Rs 300 m was invested this year, with plans to invest Rs 2 b within the next five years. “This shows that we are here long- term”, he said.

Kaul said that they are planning to open Domino’s outlets in Rajagiriya, Kotahena, Ja-ela,Kottawa,Maharagama,Wattala, Bambalapitiya,Union Place and Negombo.

At present we have 150 employees. With all the outlets becoming operational, over 1500 employment opportunities will be available. Globally Domino’s Pizza is the market leader in delivery and we always keep to the promise of delivering within 30 minutes.

He said that they import most of the ingredients and make pizzas to suit the local palate. When the outlet is set up in India, we plan to introduce it to Sri Lanka as well but it will take time.

Kaul was of the view that retail development should take place in an organised manner as finding a high street location is a challenge in Sri Lanka at present. The rentals are not high but finding a place was a challenge, while malls too should be opened . He said the import duty on ingredients is high and if that can be relaxed it will support investors. We always like to source our ingredients locally and if local manufacturers invest to produce the required ingredients locally it will be a lucrative market as well.

He said initially Domino’s came to Sri Lanka through another company and they had six outlets but since it was not their main business. “We spoke to them and came on our own which has proved that it was the correct decision”, he said.