India's KFC, Pizza Hut operators to merge in $934M deal

Photo: sdx15 - stock.adobe.com

January 2, 2026

Sapphire Foods India, India's KFC and Pizza Hut operators, will merge with Devyani International in a $934 million deal, according to a CNBC report.

Devyani will give shareholders 177 shares for every 100 shares of Sapphire as part of the deal.

The move consolidates the two franchisees, who ran similar but separate operations.

"India is a high-priority market for us," Yum! Brands' CFO Ranjith Roy told the news outlet.

The integration process is expected to take 12 to 15 months.