In a landmark consolidation in India’s quick-service restaurant (QSR) industry, Devyani International, led by billionaire Ravi Jaipuria, has agreed to merge with Sapphire Foods India in a deal valued at approximately $931 million (about ₹83.9 billion). Once completed, the merged company will operate more than 3,000 KFC and Pizza Hut outlets across India and abroad, making it one of the largest franchisees of global brands under Yum! Brands in the region. The transaction uses a share swap structure, with Devyani issuing 177 of its shares for every 100 shares of Sapphire as part of the consolidation.

The strategic union aims to realise scale advantages, cost synergies and operational efficiencies that are increasingly important amid rising costs and competitive pressures in India’s fast-food sector. By combining procurement, technology platforms and supply-chain functions under one operator, the new entity expects annual synergies worth hundreds of crores once integration is complete. Management anticipates that a unified approach will strengthen negotiating power with vendors, streamline decision-making and improve profitability over time.

Beyond India, the merged group will have a presence in markets such as Thailand, Nepal, Nigeria and Sri Lanka, expanding its international footprint. Analysts see the deal as a major shift in India’s QSR landscape, positioning Devyani as a dominant rival to other major chains like Domino’s operator Jubilant FoodWorks by offering enhanced scale and growth potential. The merger is expected to complete within the next 12–15 months, subject to regulatory and shareholder approvals.