Shares ofDevyani InternationalandSapphire Foods Indiawere in focus on Dalal Street on Thursday following the announcement of a merger that will result inIndia’s largest single quick service restaurant chain.
In early trade, Devyani International shares were trading at₹152.80, up₹5.37 or 3.64%around9:39 am, reflecting investor optimism over the deal. In contrast, Sapphire Foods India shares were trading lower at₹253.95, down₹8.75 or 3.33%, as markets reacted to the merger terms and share-swap ratio.
Both companies informed stock exchanges that they will combine operations to form asingle listed entity, subject to regulatory and shareholder approvals. The merger is expected to take effect fromApril 1, 2026.
As part of the transaction,Devyani International will issue 177 of its shares for every 100 shares held in Sapphire Foods. Once completed, the merged entity will operateover 3,000 restaurantsacross India and select international markets, making it the largest QSR operator in the country under one company.
The companies expect the merger to generateannual synergies of ₹210–225 croreby the second full year of operations. These benefits are likely to come from supply chain integration, improved purchasing power, cost efficiencies, and better store-level operations. Full integration is expected to be completed within15–18 months.
Devyani International is part of the RJ Corp group led by entrepreneurRavi Jaipuriaand is the largest Indian franchisee ofYum! Brands, which owns KFC and Pizza Hut. Devyani currently operates more than2,000 outletsacross India, Thailand, Nigeria, and Nepal.
Sapphire Foods, founded bySamara Capitalin 2015, operates over1,000 KFC and Pizza Hut restaurantsacross India and Sri Lanka.
Following the merger, Devyani will holdfranchise rights for KFC and Pizza Hut across the entire Indian market, while also strengthening its overseas presence, including Sri Lanka.
Apart from KFC and Pizza Hut, Devyani International also operates brands such asCosta Coffee, Vaango, Biryani By Kilo, and Goila Butter Chicken. The merged entity plans to focus on faster expansion of KFC, revival of Pizza Hut, and scaling up its emerging brands portfolio.
The transaction has received approval fromYum! Brands, clearing a key regulatory hurdle for the merger.
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