Devyani International, the operator of quick-service restaurants (QSR) such as KFC and Pizza Hut, has announced its intention to acquire Indian foodservice brand Biryani by Kilo (BBK).
This strategic move has prompted a 4% surge in Devyani International's share price.
Following the acquisition announcement, Devyani shares increased to Rs172.65 on the Bombay Stock Exchange (BSE).
The company is set to hold a board meeting on 24 April to finalise the acquisition terms and to discuss the issuance of equity shares on a preferential basis for the purchase of a controlling stake in Sky Gate Hospitality, which operates BBK and other brands.
Other brands operated by Sky Gate include Goila Butter Chicken, The Bhojan, and Get-A-Way.
Founded in 2015 by Kaushik Roy and Vishal Jindal, BBK delivers dum-cooked handi biryanis throughout India.
BBK is claimed to use high-quality ingredients, spices, and meats, and follow traditional cooking procedures to prepare each biryani order fresh in an earthen handi.
The QSR operator has a presence in over 70 dine-in outlets across more than 29 cities, including Bengaluru, Delhi NCR, Goa, Kolkata and Mumbai.
Established in 1991, Devyani International is claimed to be one of the largest operators of chain QSRs in India.
The company’s portfolio includes global and successful in-house brands, with a network of more than 2,000 restaurants as of 31 December 2024, across India, Thailand, Nepal and Nigeria.
