Devyani, Sapphire Foods Approve Merger for Yum! India

02 Jan 2026 CW Team

Upon completion, the transaction will position Devyani International as one of the largest quick-service restaurant operators in India, combining the scale and operational strengths of both entities. The merger will be executed through a share-swap mechanism, with 177 equity shares of Devyani International to be issued for every 100 equity shares of Sapphire Foods India.

The merged entity will focus on accelerating KFC expansion, revitalising Pizza Hut for sustainable growth and scaling Devyani International’s emerging brands portfolio. Yum! Brands has approved the consolidation and agreed to key commercial terms, including enhanced brand waivers, acquisition of select KFC stores in Hyderabad and a one-time fee towards merger approval and additional territory licence.

The merger is expected to deliver annual synergies of Rs 2.1–2.25 billion from the second full year of operations, driven by economies of scale, operational integration, margin expansion and balance sheet strengthening. Full integration and realisation of synergies are targeted within 15–18 months from the effective date.

Company Quote: “The consolidation of Devyani Internationaland Sapphire Foods India marks a decisive leap forward, resulting in a unified franchisee for KFC and Pizza Hut across India. This combination will unlock economies of scale, strengthen supply-chain capabilities and drive long-term value creation,” said Ravi Jaipuria, Non-Executive Chairman, Devyani International.

Devyani International and Sapphire Foods India have recently approved a scheme of arrangement for the merger of Sapphire Foods with and into Devyani International, creating a single unified Yum! Brands franchisee for KFC and Pizza Hut in India. The proposed merger is subject to regulatory, statutory, shareholder and creditor approvals and is expected to be completed over the next 12–15 months. Upon completion, the transaction will position Devyani International as one of the largest quick-service restaurant operators in India, combining the scale and operational strengths of both entities. The merger will be executed through a share-swap mechanism, with 177 equity shares of Devyani International to be issued for every 100 equity shares of Sapphire Foods India. The merged entity will focus on accelerating KFC expansion, revitalising Pizza Hut for sustainable growth and scaling Devyani International’s emerging brands portfolio. Yum! Brands has approved the consolidation and agreed to key commercial terms, including enhanced brand waivers, acquisition of select KFC stores in Hyderabad and a one-time fee towards merger approval and additional territory licence. The merger is expected to deliver annual synergies of Rs 2.1–2.25 billion from the second full year of operations, driven by economies of scale, operational integration, margin expansion and balance sheet strengthening. Full integration and realisation of synergies are targeted within 15–18 months from the effective date. Company Quote: “The consolidation of Devyani Internationaland Sapphire Foods India marks a decisive leap forward, resulting in a unified franchisee for KFC and Pizza Hut across India. This combination will unlock economies of scale, strengthen supply-chain capabilities and drive long-term value creation,” said Ravi Jaipuria, Non-Executive Chairman, Devyani International.

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