Sapphire Foods and Devyani International Merger to Create F&B Giant, Crossing $1 Billion Revenue

Sapphire Foods India and Devyani International are merging to create one of India's largest F&B platforms, likely surpassing $1 billion in annual revenue. The deal will focus on revitalizing the Pizza Hut brand and boosting KFC's growth, while managing technology and supply chain operations.

Sapphire Foods India has announced a merger with Devyani International, aiming to create a formidable force in India's food and beverage sector with projected revenues exceeding $1 billion annually. The merger promises to reshape the landscape of the quick service restaurant industry in the country.

The combined entity will focus on revitalizing the Pizza Hut brand and driving growth for the KFC franchise. In charge of innovation, technology, and supply chain management, the merged company aims to leverage operational synergies to enhance its market position. Efforts will be directed to restore Pizza Hut as a market leader, while KFC's expansion will be strategically paced.

The merger process is expected to conclude within 12 to 15 months, pending regulatory approvals. On January 1, 2026, the merger was announced through a share-swap deal, with Yum! Brands backing the consolidation. The deal exemplifies a significant consolidation within India's rapidly growing food services market.

(With inputs from agencies.)