India KFC operator Devyani International enters Thailand with US$129 million deal
Add BT as a preferred source
INDIA’S Devyani International on Monday (Dec 18) said it will begin operating KFC outlets in Thailand after it acquired Restaurants Development in deal a worth US$128.9 million, expected to be completed by March 2024.
The Thai restaurant operator runs 274 KFC outlets in the South-east Asian country and employs more than 4,500 people.
Devyani acquired the company through its Dubai unit in which it owns a 51 per cent stake, while Singapore-based private investment firm Temasek Holdings owns the remaining.
“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 acquisition will add to Devyani’s 500 KFC outlets in India, Nepal and Nigeria. The company also operates other quick service restaurants (QSR) in India such as Pizza Hut and Costa Coffee. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Singapore at 61: How we can ensure opportunity, security and ownership for the next generation
With tech for fact-checking to cancer care, Singapore startups aim beyond home
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
Why Asean matters more than ever to the UK and Singapore
