Devyani International DMCC (DID), Dubai, a subsidiary of Devyani International (DIL), has announced its entry into Thailand market by signing a Share Purchase Agreement and other transaction related documents, to acquire controlling interest in Restaurants Development Co. (RD) Thailand, through acquisition of equity stake in RD and its holding companies, to enter the Quick Service Restaurants (QSR)/ Limited Service Restaurants (LSR) market in Thailand.

RD operates a chain of 274 (as of September 2023) KFC restaurants across Thailand and employs more than 4,500 people. Closing is expected to take place on or before 31st March 2024 and is subject to all customary regulatory and other approvals, as may be required for the transaction.

This strategic venture into Thailand is a collaboration between Devyani International and Temasek Holdings, a global investment company headquartered in Singapore, with over SGD 380 billion in assets under management.

KFC in Thailand is franchised by Yum Restaurants International (Thailand) Co., the subsidiary of Yum Brands, Inc. KFC is the largest QSR/ LSR chain in Thailand and has enjoyed enormous growth and success since the first restaurant opened in 1984. 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. In its pursuit of entering new geographies and simultaneously deepen its presence in existing locations, DIL is committed not only towards expansion of its footprint in Thailand but also ensuring and elevating the consumer's experience in the Thai market and serving local communities.

This acquisition will position DIL as a key player in the exciting QSR/ LSR market in Thailand and the region and will pave the way for additional growth and expansion. Thailand is a high middle-income country with almost 70 million population, attractive consumption levels, and is a strong & resilient economy.