Devyani International to amalgamate with Sapphire Foods India
Devyani International will amalgamate with Sapphire Foods India, issuing 177 shares for every 100 SFIL shares. DIL will also acquire 19 KFC stores from Yum India for ₹90 crore and pay ₹320 crore for merger rights. The registered office will shift to Haryana.
The amalgamation of two major QSR players and the acquisition of significant store assets will materially alter the company's scale, market presence, and operational structure.
The amalgamation and acquisition are expected to create economies of scale, enhance operational efficiencies, and strengthen the company's market position, which are positive developments.
Devyani International Limited (DIL) announced a significant Scheme of Arrangement where Sapphire Foods India Limited (SFIL) will be amalgamated with and absorbed into DIL. The Board of Directors of DIL approved this scheme on January 1, 2026. Upon effectiveness, DIL will issue 177 equity shares of Re. 1 each for every 100 equity shares of Rs. 2 each held by SFIL shareholders.
The amalgamation is subject to various regulatory approvals, including from the Competition Commission of India, stock exchanges, shareholders, and the National Company Law Tribunal (NCLT). The appointed date for the amalgamation is April 1, 2026.
In parallel, DIL and SFIL have entered into a binding term sheet with Yum! Restaurants (India) Private Limited and others to acquire 19 KFC stores owned by Yum India for ₹90 crore. Additionally, a payment of ₹320 crore will be made for granting rights for the merger and additional territory rights.
The company's Board also approved shifting its registered office from Delhi to Haryana, subject to shareholder and regulatory approvals. The net worth of DIL as of March 31, 2025, was ₹10,381.02 crore with a turnover of ₹33,493.33 crore. SFIL's net worth was ₹13,269.93 crore with a turnover of ₹24,510.76 crore.
What to do with a filing like this
Devyani International Limited filed this with the NSE as a statutory disclosure, categorised under merger. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Devyani International Limited. Read the original for the full detail.