India’s Devyani International announced on Monday its plans to begin operating KFC outlets in Thailand. This move comes after the company acquired Restaurants Development Co in a deal worth $128.9 million, with the completion expected by March 2024.
The Thai restaurant operator oversees 274 KFC outlets in the Southeast Asian country, employing a staff of more than 4,500 people.
Devyani acquired the company through its Dubai unit, where it holds a 51% stake, while the remaining portion is owned by the Singapore-based private investment firm Temasek Holdings.
“Thailand is a strong poultry market in its basket of meat consumption and we believe there is an opportunity available for the market to grow even further,” the Devyani said in a statement.
The addition of this acquisition will expand Devyani’s portfolio beyond its existing 500 KFC outlets in India, Nepal, and Nigeria. Furthermore, the company manages various other quick-service restaurants (QSR) in India, including Pizza Hut and Costa Coffee.