homebusiness Newscompanies NewsDevyani International to acquire 274 KFC restaurants in Thailand push
Devyani International to acquire 274 KFC restaurants in Thailand push
Thailand's quick service restaurant (QSR) space has proved to be a flourishing ground for KFC, which has risen to become the largest chain in the category in the country. Shares of Devyani International Ltd ended at ₹183.45, down by ₹1.25, or 0.68%, on the BSE.
Devyani International Ltd, a quick service restaurant (QSR) operator, on Monday (December 18) said it's planning to acquire 274 KFC restaurants in Thailand through its Dubai-based subsidiary Devyani International DMCC.
The acquisition is facilitated through a share purchase agreement with Restaurants Development Co Ltd, the current operator of the extensive KFC restaurant chain spread across Thailand, Devyani International said in a regulatory filing.
With more than 4,500 employees under its wing, Restaurants Development has become a key player in the Thai QSR landscape, boasting 274 KFC outlets as of September 2023.
The deal, expected to conclude on or before March 31, 2024, is contingent upon customary regulatory approvals, laying the groundwork for Devyani International to expand its footprint in the lucrative Thai market.
This strategic venture into Thailand is not a solo endeavour for Devyani International, as it aligns forces with Temasek Holdings (Private) Ltd, a global investment giant headquartered in Singapore. With assets exceeding 380 billion Singapore dollars, Temasek Holdings brings substantial financial backing and expertise to this ambitious partnership.
The Thai QSR market has proven to be a flourishing ground for KFC, which is franchised by Yum Restaurants International (Thailand) Co Ltd, a subsidiary of Yum Brands, Inc. Since its establishment in 1984, KFC has risen to become the largest QSR/LSR chain in Thailand.
Thailand, with its robust poultry market and high levels of meat consumption, presents an enticing prospect for further market penetration. Devyani International not only aims to broaden its presence in Thailand but also envisions enhancing the consumer experience and actively engaging with local communities.
Devyani International remains committed to its core strategy of entering new geographies while concurrently strengthening its presence in existing locations, the company said.
Shares of Devyani International Ltd ended at ₹183.45, down by ₹1.25, or 0.68%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Dec 18, 2023 5:44 PM IST
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