Business Update14 May 2024, 07:14 pm
Devyani International Ltd and PVR INOX Limited Enter into a Shareholders' Agreement for New Food Court Venture in India
AI Summary
Devyani International Ltd (Devyani) and PVR INOX Limited (PVR INOX) have signed a Shareholders' Agreement to establish a new company for the development and operation of food courts within shopping malls in India. The proposed company will operate separately from the existing food court businesses of Devyani and PVR INOX. The investment ratio is 51:49 in favor of Devyani and PVR INOX, respectively. The Shareholders' Agreement also includes customary covenants and transfer restrictions.
Key Highlights
- Devyani and PVR INOX signed a Shareholders' Agreement for a new food court venture
- Incorporation of a new company for development and operation of food courts within shopping malls
- Devyani and PVR INOX to invest in the ratio of 51:49
- Existing food court businesses excluded from the new venture till contract expiration
- Shareholders' Agreement includes customary covenants and transfer restrictions