Sapphire, Devyani Boards Clear Mega-Merger for Yum Brands' India Ops

• Sapphire Foods and Devyani International boards approved a long-awaited merger, effective April 1, 2026, pending regulatory and shareholder approvals.
• Sapphire Foods shareholders will receive 177 shares of Devyani International for every 100 shares held, consolidating Yum Brands' India operations.
• The merger aims for operational efficiencies and scale benefits by bringing KFC and Pizza Hut under a single listed entity, excluding airport/railway outlets.
• Devyani International will acquire 19 KFC outlets in Hyderabad, and Sapphire Foods Mauritius will sell an 18.5% stake to Arctic International.
• The combined entity (FY25 proforma) projects 3,002 stores, ₹7,826 crore revenue, and ₹756 crore operating EBITDA, boosting Devyani's financials significantly.

Why It Matters: Major merger of Yum Brands' India franchisees Sapphire Foods and Devyani International promises significant scale and synergies.