Devyani International, a prominent quick-service restaurant (QSR) operator controlled by billionaire Ravi Jaipuria's RJ Corp, has announced a definitive merger with Sapphire Foods India Limited. This significant consolidation is valued at approximately $934 million, though some reports cite values ranging from $931 million to $933 million due to currency fluctuations or calculation bases. The deal will unite the operations of KFC and Pizza Hut under a single, dominant franchisee across India, making the combined entity the largest Yum! Brands franchisee in the country. The all-stock transaction stipulates that Devyani International will issue 177 shares for every 100 shares of Sapphire Foods. Upon completion, the merged entity is projected to operate over 3,000 stores across various international markets including India, Thailand, Nigeria, Nepal, and Sri Lanka. Yum! Brands, the global parent company of KFC and Pizza Hut, has officially approved this strategic merger. The core rationale behind this consolidation is to realize substantial economies of scale, leverage a unified technology platform, and enhance supply-chain capabilities. This comes amidst a challenging QSR landscape marked by increasing operational costs and heightened competition. Devyani International anticipates achieving annual synergies between $23.3 million and $25 million (₹2.1 billion to ₹2.25 billion) from the second full year of combined operations. The full integration of the two entities, along with the realization of these expected synergies, is anticipated to be completed within 15 to 18 months from the merger's effective date, with April 1, 2026, indicated as an appointed date. This move is expected to foster a more robust and growth-oriented QSR platform in India, benefiting all stakeholders.