Updated December 18th, 2023 at 18:40 IST
Devyani International enters Thailand market with $129 million KFC deal
The acquisition in Thailand adds to Devyani's existing portfolio of 500 KFC outlets spread across India, Nepal, and Nigeria.
KFC operator Devyani International on Monday announced its entry into the Thai market with the acquisition of Restaurants Development Co for $128.9 million. The deal, expected to conclude by March 2024, positions Devyani International to take charge of operating KFC outlets across Thailand.
Restaurants Development Co, a prominent Thai restaurant operator, currently manages network of 274 KFC outlets in the Southeast Asian nation, employing over 4,500 people. Devyani International executed the acquisition through its Dubai unit, in which it holds a controlling 51 per cent stake, with the remaining ownership belonging to Singapore-based private investment firm Temasek Holdings.
Devyani International expressed confidence in the growth potential of the Thai market, citing its robust poultry sector within the broader spectrum of meat consumption. The move aligns with the company's strategic vision to tap into thriving markets and expand its global presence.
The acquisition in Thailand adds to Devyani's existing portfolio of 500 KFC outlets spread across India, Nepal, and Nigeria. Beyond KFC, the company is a key player in the quick-service restaurant (QSR) sector in India, boasting operations with other renowned brands such as Pizza Hut and Costa Coffee.
The move signifies Devyani International's commitment to capitalising on emerging opportunities in the global quick-service restaurant landscape, solidifying its position as a major player in the industry.
Devyani International shares ended 0.76 per cent lower at Rs 183.30.
Published December 18th, 2023 at 18:40 IST