Devyani International, the operator of well-known quick service restaurants (QSRs) like KFC and Pizza Hut, established a 51:49 joint venture with cinema operator PVR Inox to build and manage food courts within shopping malls across India.
In separate regulatory filings, the two corporations stated that no consideration was exchanged between them. Upon establishment, Devyani & PVR INOX will invest in the proposed company’s share capital at a 51:49 ratio.
The two companies clarified that the ongoing food court operations within shopping malls, managed either by Devyani or PVR INOX, will not be included in the business of the proposed company until the expiration, termination, or renewal of their respective contracts.
Continue Exploring: PVR INOX and Devyani International partner up to bring Costa Coffee to premium locations
They also mentioned that the shareholders’ agreement includes customary covenants concerning reserved matters and transfer restrictions. Additionally, PVR INOX and Devyani will appoint directors to the proposed company in accordance with the shareholders’ agreement.
PVR INOX is recognized as India’s largest film exhibition company, operating 1,748 screens across 361 properties in 112 cities, covering both India and Sri Lanka.
The company is involved in operating and overseeing multiplex/cinema theaters, managing food courts, producing cinematograph films, and marketing and distributing films, all aimed at providing entertainment to the general public.
Continue Exploring: Yum Restaurants India exits Devyani International, sells entire stake for INR 871 Crore
Devyani stands as one of the rapidly expanding QSR chain operators in the nation, serving as the largest franchisee for Yum Brands (including KFC and Pizza Hut) in India. Additionally, Devyani holds the exclusive franchise rights for the Costa Coffee brand and its stores across India.
Furthermore, it appeals to South Indian vegetarian food enthusiasts through Vaango, a brand that debuted over a decade ago and has become a prominent player in the Food Retail Business (FRB) category, particularly with its food courts.
With a robust presence in Indian airports, it offers a diverse range of food and beverage options. As of March 31, 2024, Devyani manages over 1,750 stores spanning various brands in more than 250 cities across India, Thailand, Nigeria, and Nepal.
Continue Exploring: Devyani International reports INR 49 Cr loss in Q4 despite 38% YoY revenue surge
