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Sapphire Foods India Limited announced that its Board of Directors has approved a scheme of arrangement for its amalgamation with and absorption into Devyani International Limited, effective from April 1, 2026. In consideration, Devyani International will issue 177 equity shares of INR 1 each for every 100 equity shares of INR 2 held in Sapphire Foods India Limited, subject to a record date.

The Board also approved the execution of a merger framework agreement among Sapphire Foods India Limited, Devyani International Limited, and other related parties. The effectiveness of the amalgamation is contingent upon obtaining statutory and regulatory approvals, including from the Competition Commission of India, stock exchanges, and the National Company Law Tribunal, as well as approvals from creditors and shareholders. Additionally, a secondary sale transaction involving 18.5% of Sapphire Foods India Limited's equity shares by SFML to Arctic International Private Limited is a condition precedent.

The company also approved the execution of a binding term sheet with Yum India and its affiliates concerning current and future business organization, subject to NCLT sanction. This term sheet includes approval for the proposed amalgamation, amendments to existing development agreements for KFC and Pizza Hut in India, and updated commercial terms.

Furthermore, Sapphire Foods India Limited's Board approved the shifting of its registered office from Maharashtra to Haryana. This move requires approval from the company's members and the Central Government. A notice for a postal ballot will be sent to shareholders to seek their approval for this change and the consequent amendment to the Memorandum of Association.