Devyani International to acquire Sapphire Foods India in a $934m deal.

Devyani International, the KFC and Pizza Hut Indian operator, agreed to acquire Sapphire Foods India, a franchisee of Yum! Brands, in a $934m deal. “The consolidation of Devyani International Limited and Sapphire Foods India Limited marks a significant milestone and a decisive leap forward in our growth journey, resulting in DIL holding franchise rights across the entire Indian market for KFC and Pizza Hut brands. The merger also adds a strong international presence in Sri Lanka, which complements our existing overseas operations," Ravi Jaipuria, Devyani International Non-Executive Chairman.