Devyani International-Sapphire Foods merger gets CCI approval
Under the revised merger arrangement, Sapphire Foods shareholders will receive 177 equity shares of Devyani International for every 100 shares held
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Published: Nov 7, 2026 11:05 AM | 1 min read
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The merger of Devyani International and Sapphire Foods India has received approval from the Competition Commission of India (CCI).
Under the deal, Sapphire Foods will merge with Devyani International, bringing both companies' KFC and Pizza Hut operations in India under one entity.
Under the revised merger arrangement, Sapphire Foods shareholders will receive 177 equity shares of Devyani International for every 100 shares held. The boards of both companies had approved the merger in January 2026, with the scheme subsequently revised in August.
The transaction also covers the transfer of 19 KFC outlets in Hyderabad, currently operated by Yum! Brands' Indian entity, to Devyani.
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