CE DESK 
Devyani International merges with Sapphire Foods in ₹7,800 Cr deal, forming India’s top KFC-Pizza Hut operator. Expect ₹200 Cr+ synergies—details inside!
Devyani International and Sapphire Foods have announced a landmark merger to create India’s largest Yum! Brands franchisee. This all-stock deal combines their operations for KFC and Pizza Hut, strengthening market dominance.
Devyani, managing over 1,700 KFC outlets, will acquire Sapphire’s 1,200+ Pizza Hut stores across India and abroad. The new entity, valued at around ₹20,000 crore, aims for synergies in supply chain and real estate.
The merger reduces competition between brands, optimizes costs, and boosts bargaining power with Yum!. It targets ₹500 crore in annual savings through shared infrastructure and expanded delivery networks.
Devyani’s promoter Ravi Jaipuria, will lead the combined firm. The deal awaits regulatory nods and is slated for completion by mid-2026, positioning it as a F&B powerhouse amid rising fast-food demand.
Shares surged 15% for Devyani and 10% for Sapphire post-announcement. Investors eye enhanced profitability and growth in tier-2/3 cities, redefining QSR franchising in India.
