Indian foodservice company Jubilant Foodworks (JFL) has announced plans to completely acquire Fides Food Systems Coöperatief in a deal worth approximately £24.80m ($34.73m).

The company will execute the deal through its wholly owned subsidiary, Jubilant Foodworks Netherlands.

Fides is the beneficial owner of 32.81% of equity shares of DP Eurasia, the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Russia, Azerbaijan, and Georgia.

Together with its subsidiaries, DP Eurasia offers pizza delivery and takeaway / eat-in facilities at 771 stores, which include 568 in Turkey, 190 in Russia, nine in Azerbaijan, and four in Georgia.

Jubilant Foodworks chairman Shyam Bhartia and co-chairman Hari Bhartia said: “We are happy to announce our acquisition of Fides for 32.81% equity stake in DP Eurasia, one of the large master franchisee of the Domino’s Pizza brand.

“We have been partners with Domino’s in India for more than 25 years. With that experience, we hope to add value to DP Eurasia’s business and also create value for our shareholders.”

Jubilant Foodworks Netherlands and Jubilant Foodworks entered a purchase agreement with Turkish Private Equity Fund II.

Turkish Private Equity Fund is the sole member of Fides Food Systems.

Jubilant Foodworks’ Domino’s Pizza franchise extends across a network of 1,314 restaurants in 285 cities.

The company currently operates in India, and through its subsidiary companies, in Sri Lanka and Bangladesh.

Last month, Jubilant Foodworks agreed to buy an equity stake of 10.76% in Barbeque Nation Hospitality (BNHL) for Rs920m ($12.5m).