Brands
Reliance, Surrey join hands as Oval Invincibles rebrands to MI London
MUMBAI/LONDON: Reliance Industries and Surrey County Cricket Club have struck a partnership to run the Oval Invincibles franchise in The Hundred, assuming ownership from the England and Wales Cricket Board. The deal gives Reliance a 49 per cent stake and Surrey 51 per cent. From 2026, both the men’s and women’s sides will play as MI London.
The Invincibles are The Hundred’s standout force, sweeping five titles in five years – with the women taking the first two and the men landing three in a row from 2023 to 2025. Their dominance has been driven by Surrey talent such as Sam Curran, Tom Curran, Will Jacks and Alice Capsey, alongside global stars including Marizanne Kapp, Rashid Khan and Adam Zampa.
Mumbai Indians, owned by Reliance, bring deep experience in franchise cricket, with seven teams across five countries and a haul of 13 titles, including five IPL wins and two Women’s Premier League trophies. Every team in the MI portfolio now holds a championship.
Nita M Ambani said, “We are delighted to welcome MI London into the One Family and take the MI legacy to new frontiers. London holds a special place in the heart of cricket, and we are honoured to be part of its rich heritage.”
Akash Ambani said, “The Invincibles’ winning record and spirit of excellence perfectly embody the MI ethos of passion, resilience, and teamwork. Building on our shared passion for cricket, we look forward to collaborating with our partners at Surrey CCC and building on the legacy of The Hundred’s most successful team.”
Surrey chair Oli Slipper said Reliance’s record in cricket and business made them ideal partners. The MI London identity, he added, would help build a bigger global fanbase and strengthen long-term investment in Surrey cricket.
Brands
Dunkin’ Donuts to exit India as Jubilant FoodWorks ends 15-year franchise deal
The quick service restaurant giant is ending a 15-year franchise partnership with the American doughnut chain, even as it renews its Domino’s agreement for another 15 years
NOIDA: Dunkin’ is done in India. Jubilant FoodWorks Ltd, the country’s leading quick service restaurant operator, has decided not to renew its franchise agreement with the American coffee and doughnut chain, and will wind down its Indian stores in a phased manner before December 31, 2026, bringing a 15-year partnership to a quiet, loss-laden close.
The decision, approved by JFL’s board on March 30, 2026, ends a relationship that began with a Multiple Unit Development Franchise Agreement signed on February 24, 2011. JFL will now evaluate and undertake what it described in a regulatory filing as the “rationalisation and/or cessation of certain operations and/or sale, transfer or disposal of assets and/or assignment or transfer of franchise rights,” all in consultation with Dunkin’s brand owners and strictly within the terms of the original agreement.
The numbers tell the story bluntly. In the financial year 2024-25, Dunkin’ India posted a revenue of Rs 37 crore against a loss of Rs 19 crore — a haemorrhage that was always going to test the patience of a parent company recording revenues of Rs 6,104 crore and a profit of Rs 194 crore in the same period. Doughnuts, it turns out, were never going to move the needle.
The contrast with JFL’s handling of its other marquee franchise could hardly be sharper. Even as it walks away from Dunkin’, the company has just doubled down on Domino’s, signing a fresh Master Franchise Agreement on March 31, 2026, granting it exclusive rights to develop and operate Domino’s Pizza stores in India for 15 years, with an option to renew for a further 10.
JFL, incorporated in 1995 and promoted by the Bharatia family, operates a network of more than 3,500 stores across six markets — India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. Its portfolio includes Domino’s and Popeyes on the global side, and two home-grown brands: Hong’s Kitchen and COFFY, a café brand in Turkey.
For Dunkin’, India was always a stretch. The brand never quite cracked the cultural code in a market where filter coffee and chai command fierce loyalty and where the doughnut remains, at best, an occasional indulgence rather than a daily habit. Fifteen years, mounting losses and a parent with better things to spend its capital on was always going to be a difficult equation to solve.
The doughnut has had its last day. The pizza, however, is staying.
