Joint-ventures have a finite shelf life. It is best to look at them as an entry-strategy, no more. But this is a difficult perspective for Indian partners to understand. The year was 1996. My office those days used to be at Basant Lok, just next to Priya Cinema, in New Delhi.

The corner outlet of the market, as you entered from the Vasant Vihar side, was a Nirula’s QSR. Quite popular. Reasonably crowded throughout the day. One day, quite inexplicably, the Nirula’s downed its shutters. And in its place opened India’s first ever McDonald’s. There were hundreds ...

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