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Devyani International Limited (DIL) announced a significant Scheme of Arrangement, approved by its Board of Directors on January 1, 2026, to amalgamate Sapphire Foods India Limited (SFIL) with itself. The amalgamation, effective from April 1, 2026, will see SFIL absorbed into DIL. In consideration, DIL will issue 177 equity shares of Re. 1 each for every 100 equity shares of Rs. 2 each held in SFIL.

The company also approved a Merger Framework Agreement (MFA) with SFIL, RJ Corp Limited, Sapphire Foods Mauritius Limited, and Sagista Realty Advisors Private Limited. This scheme is subject to various regulatory approvals, including from the Competition Commission of India, stock exchanges, shareholders, creditors, and the National Company Law Tribunal (NCLT).

Furthermore, DIL has entered into a binding term sheet to acquire 19 KFC stores from Yum! Restaurants (India) Private Limited (Yum India) for a lump sum payment of ₹90 crore. An additional payment of ₹320 crore will be made on the effective date of the scheme for merger rights and additional Territory Rights. This deal also includes recording the understanding for current and future business organization between Yum India, DIL, and SFIL.

In a separate development, the Board approved shifting the company's registered office from the National Capital Territory of Delhi to Haryana, subject to shareholder and regulatory approvals. The company will also issue a Postal Ballot notice for this alteration.