India KFC operator Devyani International enters Thailand with $129 mln deal

Devyani International

18/12/2023 12:08

BENGALURU, Dec 18 (Reuters) - India's Devyani
International  DEVY.NS  on Monday said it will begin operating
KFC outlets in Thailand after it acquired Restaurants
Development Co in deal a worth $128.9 million, expected to be
completed by March 2024.
    The Thai restaurant operator runs 274 KFC outlets in the
Southeast Asian country and employs more than 4,500 people. 
    Devyani acquired the company through its Dubai unit in which
it owns a 51% stake, while Singapore-based private investment
firm Temasek Holdings owns the remaining. 
    "Thailand is 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 Devyani said in a
statement. 
     The acquisition will add to Devyani's 500 KFC outlets in
India, Nepal and Nigeria. The company also operates other quick
service restaurants (QSR) in India such as Pizza Hut and Costa
Coffee. 

 (Reporting by Kashish Tandon in Bengaluru; Editing by Janane
Venkatraman)
 ((Kashish.Tandon@thomsonreuters.com;))