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KFC's operator in India, Deyvani International Limited, reportedly bought 274 Kentucky Fried Chicken stores in Thailand to enter the Thai market. The largest franchisee for Yum Brands, which also operates Pizza Hut franchise stores, is paying $129 million for the deal.
Devyani International is one of the most trusted Quick Service Restaurant (QSR) companies in the business, and it confirmed on Monday, Dec. 18, that it will start its operations of KFC stores in Thailand after buying Restaurants Development Co., the Thai operator of 274 stores in the country.
Strategic Takeover Deal
The India-headquartered restaurant company acquired Restaurants Development through its Dubai-based unit, Devyani International DMCC, which it owns with a 51% stake. The rest, which is a 49% stake, is owned by Temasek Holdings, a Singapore-based private investment firm.
As per Reuters, the purchase will further increase the number of KFC restaurants that Devyani owns. Prior to the deal, it was already operating a collective 500 KFC locations in Nepal, India, and Nigeria. It also has Pizza Hut and Costa Coffee stores in India.
This is a strategic deal for the company as it will broaden its market reach and sales in the Indian market. The agreement is expected to close by Mar. 31, 2024.
Joint Venture with Partner Temasek Holdings
CNBCTV18 reported that the acquisition is a joint venture with its partner, Temasek Holdings, an investment firm with more than S$380 billion in assets. With its vast resources, the company provides expertise and sizeable financial support to this acquisition.
"In its pursuit of entering new geographies and simultaneously deepening its presence in existing locations, DIL is committed not only towards the expansion of its footprint in Thailand but also ensuring and elevating the consumer's experience in the Thai market and serving local communities," Deyvani International said in a press release.
DIL added that the acquisition will position the company as "a key player in the exciting QSR/ LSR market in Thailand. The firm said this will also lay the foundations for additional growth and expansion."
Photo by: Aditya Doliya/Unsplash
