Sapphire Foods and Devyani International merge in $934 million deal

Business Jan 02, 2026

Big news for fast food fans: Sapphire Foods and Devyani International—behind KFC and Pizza Hut in India—are joining forces in a $934 million merger.
With costs rising and rivals like McDonald's and Domino's heating up the game, this move is all about staying strong as people spend more carefully these days.

What the merger means

Devyani will issue 177 shares for every 100 Sapphire shares, creating a mega-company running over 3,000 Yum Brands outlets across India and overseas.
Both companies have faced recent losses, but by teaming up, they're hoping to save up to ₹2.25 billion a year starting from the second full year of operations through smarter operations and shared resources.