Everstone Capital has renewed efforts to sell its stake in Restaurant Brands Asia (RBA), the operator of the Burger King and Popeyes restaurant chains in India, according to a report by CNBC-TV18.

The private equity company holds 11.27% in RBA through its entity QSR Asia and is reported to be in advanced discussions with several interested buyers.

The pool of potential acquirers includes both financial investors and strategic parties.

Among those said to be evaluating the transaction is a family office linked to a listed company with an existing presence in the quick-service restaurant segment, along with other private equity investors.

One of the sources indicated that negotiations have moved to an advanced stage and that offers received so far are above RBA’s current market price.

Any change in the controlling shareholder is expected to trigger a mandatory open offer under Indian takeover regulations.

Everstone Capital declined to comment on the reported discussions, and RBA has yet to respond.

RBA, formerly Burger King India, went deeper into the red in the quarter ended 30 September 2025.

The company’s net loss widened to Rs202.12m ($2.26m) in the quarter, from Rs165.81m in the corresponding period a year earlier.

However, its revenue from operations rose 15.6% year-on-year to Rs5.68bn, while total income climbed 16.2% to Rs5.8bn.

In April 2025, the company raised Rs5bn through a qualified institutional placement. The Massachusetts Institute of Technology (MIT) emerged as the largest single investor in that issue.

The fundraising came against the backdrop of subdued discretionary consumption in India over the preceding four quarters, particularly in urban markets, where higher inflation has weighed on spending on categories such as eating out.