Devyani International Ltd. to Acquire Yum India's 19 KFC Stores and Absorb Sapphire Foods India Ltd. in $13.27 Billion Deal

Devyani International Ltd., the largest franchisee of Yum Brands in India, has announced a board meeting outcome where they approved a Scheme of Arrangement involving Sapphire Foods India Ltd. (SFIL) and their respective shareholders. The scheme, subject to necessary approvals, will result in SFIL being amalgamated with and absorbed into Devyani International Ltd. upon the appointed date. Additionally, Devyani International Ltd. and SFIL have entered into a binding term sheet with several entities, including Yum! Restaurants (India) Private Limited, to acquire 19 KFC stores owned by Yum India and record the understanding amongst the parties for the current and future business organization. The company also approved the shifting of its registered office from the National Capital Territory of Delhi to the State of Haryana.