India’s Devyani International announced its strategic move into the Thai market by acquiring Restaurants Development Co for a substantial $128.9 million. The deal, set to conclude by March 2024, positions Devyani to take charge of 274 KFC outlets in Thailand, presently operated by the acquired company, employing over 4,500 individuals.
Through its Dubai unit, where it holds a majority stake of 51%, Devyani orchestrated the acquisition, with the remaining ownership held by Singapore-based private investment firm Temasek Holdings.
In a statement, Devyani expressed optimism about Thailand’s robust poultry market, emphasizing the potential for further growth in meat consumption. This acquisition complements Devyani’s existing portfolio of 500 KFC outlets across India, Nepal, and Nigeria. The company’s influence extends beyond KFC, encompassing other quick-service restaurants (QSR) in India, including popular brands like Pizza Hut and Costa Coffee