CAM, SAM act on Devyani International – Sapphire Foods merger

Sapphire Foods India Limited is merging into Devyani International Limited (DIL).

Upon completion, the transaction will result in DIL becoming one of the largest quick-service restaurant (QSR) operators in India by combining the operations of both companies, positioning the merged entity for the next phase of accelerated growth, scale, and profitability.

Cyril Amarchand Mangaldas is advising Devyani International on this merger.

The transaction team was led by Anchal Dhir (Partner) and Shubham Rastogi (Partner), with assistance from Swini Khara (Senior Associate), Varun Kannan (Senior Associate), Associates Prachurya Sahu, Coral Shah, Geetika Kaura, and Judy Gantzer.

Avaantika Kakkar (Partner, Head-Competition) advised on competition law aspects of the transaction with assistance from Rajat Sharma (Senior Associate), Associates Mohini Parghi and Kartik Agrawal.

Shardul Amarchand Mangaldas & Co is advising Sapphire Foods on this merger. The Firm also advised on a secondary sale of an 18.5% shareholding in Sapphire Foods by promoter Samara to Arctic International Private Limited, an entity associated with the promoter group of Devyani.

The transaction team was led by Jay Gandhi (Partner), along with Akshath Vidyanath (Senior Associate), Ankit P. (Senior Associate), Associats Yashvardhan Mittal, Rhea Tewary and Jay Sureka.

Securities team was led by Yogesh Chande, Partner; along with Preeti Kapany, Principal Associate; and Anushri Mandal, Associate.

Competition team was led by Harman Singh Sandhu, Partner; Nitika Dwivedi, Partner; along with Raveena Kumari Sethia, Principal Associate; Abhishek Hazari, Senior Associate; and Khushi Agarwal, Associate.

NCLT / Scheme Advisory team was led by Anirudh Das, Partner; along with Anirveda Sharma, Associate; Nitin Sharma, Associate; Hemang Arora, Associate; and Aditya Kumar Singh, Associate.

Litigation team was led by Shreya Jain, Partner along with Prachi Gupta, Associate.

Banking & Finance team was led by Veena Sivaramakrishnan, Partner along with Siddharth Jasrotia, Associate.

Anirban Bhattacharya, Partner; Ambarish, Partner; and Jeel Panchal, Principal Associate provided key insights.The transaction marks a significant consolidation of Yum! Brands’ India business under a single listed entity

Both Sapphire Foods and Devyani International operate KFC and Pizza Hut restaurants in India and select overseas markets under franchise from Yum! Brands, and are the exclusive franchisees in India.

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