Devyani International Limited (DIL) has joined forces with PVR INOX to develop and operate food courts within shopping malls across India.
The strategic partnership will leverage the expertise of DIL, which operates KFC, Pizza Hut and Costa Coffee outlets in India; and Indian multiplex chain PVR INOX’s prominence in the entertainment sector to cater to a broader consumer base.
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In a recent exchange filing, PVR INOX outlined the objective of the shareholders’ agreement with DIL, which is to establish a new company dedicated to the development and operation of food courts.
The collaboration will enhance the market presence of both entities by offering a diverse range of dining options to shoppers.
DIL non-executive chairman Ravi Jaipuria said: “This partnership further consolidates DIL’s position in the food courts business in India and has paved the way for additional growth and expansion opportunities.
“We are elated to have embarked on yet another association with PVR INOX and elevated our collaboration. DIL is committed to expanding its food court business in India as one of the strategic future growth pillars.”
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By GlobalDataAccording to the terms of the shareholders’ agreement, Devyani and PVR INOX will contribute 51% and 49% respectively to the equity share capital of the proposed business.
PVR INOX managing director Ajay Bijli said: “Through this opportunity, PVR INOX will be able to pivot into a pre-ticketed food and beverage (F&B) revenue stream as opposed to the current post ticketed F&B revenue that’s very movie line-up dependent.
“It is the first of the many steps we intend to take to further expand our F&B business.”
In December 2023, DIL entered Thailand’s restaurant market through its subsidiary, Devyani International DMCC, and signed agreements to acquire a stake in Restaurants Development Co for $129m.
The acquisition marks DIL’s inaugural venture into the country’s quick-service and limited-service restaurant sectors.
PVR INOX operates and manages multiplexes/cinema theatres and food courts, as well as film production and distribution.
As India’s largest film exhibition company, PVR INOX operates 1,748 screens across 361 properties in 112 cities in India and Sri Lanka, making it a key player in the entertainment industry.
