Indian multi-brand quick service restaurant (QSR) operator Devyani International on Monday said it has acquired 274 KFC outlets in Thailand through a $128.9 million deal with Restaurants Development Co.
Devyani International’s Dubai-based subsidiary, Devyani International DMCC, has signed a share purchase agreement for acquisition of equity stake in Restaurants Development Co., Ltd. Thailand and its holding companies.
The deal is expected to be completed by March 2024.
Restaurants Development operates a chain of 274 KFC outlets across Thailand and employs more than 4,500 people.
The strategic venture into the southeast Asian nation is a collaboration between Devyani International Limited and Temasek Holdings (Private) Limited, a global investment company headquartered in Singapore.
KFC is the largest QSR chain in Thailand and has enjoyed enormous growth and success since the first restaurant opened in 1984, Devyani International said.
Thailand, a high middle-income country with almost 70 million population, has a strong poultry market in its basket of meat consumption and we believe there is an opportunity available for the market to grow even further, the company said.
The company said that it is committed not only towards expansion of its footprint in Thailand but also ensuring and elevating the consumer’s experience in the Thai market and serving local communities.
This acquisition will position DIL as a key player in the exciting QSR market in Thailand and the region and will pave the way for additional growth and expansion.
Devyani International Limited, a subsidiary of RJ Corp, is the largest franchise for KFC and Pizza Hut in India. Besides operation Yum Brands, which owns KFC & Pizza Hut, the New Delhi-headquartered company is also the sole franchise for Costa Coffee Brand and stores in India. In addition, DIL caters to the South Indian vegetarian food lovers with Vaango.
In total, it operates over 1,300 stores across brands in 240 plus cities in India, Nigeria, and Nepal, including 500 KFC outlets.
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