Brands
Devyani International Ltd plans three-subsidiary merger to streamline operations
QSR operator moves to streamline structure and unlock operational synergies
Devyani International is tightening its corporate kitchen. The quick-service restaurant operator has approved a scheme to merge three subsidiaries—Sky Gate Hospitality, Blackvelvet Hospitality and Say Chefs Eatery—into the parent company in a bid to simplify its structure and sharpen operational efficiency.
The decision was cleared at a board meeting on March 10 and disclosed in a regulatory filing to the stock exchanges. The merger will take effect from April 1, 2025, subject to statutory approvals.
All three transferor companies are direct or indirect wholly owned subsidiaries, meaning no fresh shares will be issued and the shareholding pattern of Devyani International will remain unchanged once the scheme is completed.
The subsidiaries together operate more than 100 outlets—including dine-in restaurants and cloud kitchens, spread across over 40 cities such as Delhi NCR, Mumbai, Kolkata and Bengaluru.
Devyani International, the largest franchisee of Yum Brands in India, said the consolidation is aimed at generating operational synergies, optimising resource utilisation and reducing layers within the corporate structure.
Financially, the move brings together businesses of varying scale. As of March 31, 2025, Devyani International reported a net worth of Rs 10,381.02 million and turnover of Rs 33,493.33 million. Sky Gate Hospitality posted a net worth of Rs 761.14 million with turnover of Rs 2,657.57 million, while Blackvelvet Hospitality and Say Chefs Eatery reported smaller operations and negative net worth.
The merger will consolidate these operations under a single corporate umbrella as the company sharpens its focus on scale and efficiency.
Devyani International currently runs more than 2,000 outlets across over 280 cities in India, Nigeria, Nepal and Thailand. Its portfolio includes franchise rights for brands such as Pizza Hut, KFC, Costa Coffee, Tea Live, New York Fries and Sanook Kitchen, alongside its own food brands.
With the paperwork underway and approvals pending, Devyani is essentially clearing the corporate clutter—turning three subsidiaries into one tighter, leaner operation. In the QSR world, even the back office needs a spring clean.
Brands
Jubilant FoodWorks to exit Dunkin’ India franchise as pact ends in 2026
Company opts not to renew long-running deal, plans phased wind-down of brand
MUMBAI: Jubilant FoodWorks Limited has decided not to renew its franchise agreement for Dunkin’ in India, marking the end of a 15-year run for the American coffee and baked goods chain in the country under its stewardship.
The decision was approved by the company’s board at a meeting held on Monday and formally disclosed to BSE Limited and the National Stock Exchange of India Limited. The current development agreement, signed in February 2011, is set to expire on December 31, 2026.
Rather than extending the pact, Jubilant FoodWorks will take a measured, phased approach to its Dunkin’ operations. This includes evaluating options such as scaling down certain outlets, exiting select locations, or transferring assets and franchise rights, all in consultation with the brand’s global owners and in line with contractual and regulatory requirements.
The move follows what the company described as a broader strategic review of its portfolio. Despite Dunkin’s presence in India, the brand has remained a relatively small contributor to Jubilant’s overall business. In the financial year 2024-25, Dunkin’ accounted for just 0.61 percent of the company’s revenue and reported a loss at the profit level.
Importantly, the company has clarified that the decision will not materially impact its financial or operational performance, signalling that its core growth engines remain firmly intact.
Jubilant FoodWorks Limited company secretary and compliance officer Mona Aggarwal, in the regulatory filing, indicated that the transition would be handled in an orderly manner, ensuring compliance with all agreements and minimising disruption.
Jubilant FoodWorks, best known for operating Domino’s Pizza in India, appears to be sharpening its focus on stronger-performing brands while quietly winding down less impactful ventures. As Dunkin’ prepares to fade from its portfolio, the company seems intent on keeping its menu of growth opportunities both lean and well-risen.
