Devyani-Sapphire KFC-Pizza Hut India Merger Stalls on Share Swap

• Devyani International and Sapphire Foods are in advanced merger talks to consolidate KFC and Pizza Hut operations in India.
• Yum Brands is pushing the deal to create an integrated system, but the main hurdle is agreeing on the share swap ratio.
• Devyani proposes a 1:3 swap ratio, while Sapphire demands 1:2, causing negotiations to be stuck.
• The merged entity would operate over 3,000 outlets, aiming for cost synergies despite both companies currently reporting losses.

Why It Matters: This merger could reshape India's QSR market and impact investors.