{"id":371869,"date":"2026-01-06T18:30:58","date_gmt":"2026-01-06T13:00:58","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=371869"},"modified":"2026-01-06T18:18:37","modified_gmt":"2026-01-06T12:48:37","slug":"shardul-amarchand-mangaldas-advises-sapphire-foods-merger-devyani-international","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/06\/shardul-amarchand-mangaldas-advises-sapphire-foods-merger-devyani-international\/","title":{"rendered":"Shardul Amarchand Mangaldas & Co. advises Sapphire Foods India Limited and Samara Capital on Sapphire’s merger with Devyani International Limited"},"content":{"rendered":"
\n

Mumbai | 6th January 2026:<\/span> Shardul Amarchand Mangaldas acted as the sole legal counsel to: (i) Sapphire Foods Mauritius Limited – a Samara Capital entity (“Samara<\/span>”), which is a promoter of Sapphire Foods India Limited (“Sapphire<\/span>”), in relation to the merger of Sapphire with Devyani International Limited (“DIL<\/span>”) as well as on the sale of Samara’s 18.5% of the shareholding of Samara in Sapphire; and (ii) Sapphire, in relation to its merger with DIL.<\/p>\n

Sapphire and DIL, both listed on BSE Limited and NSE, operate KFC and Pizza Hut restaurants in India (and select overseas markets) under franchise from Yum! Brands, and are the exclusive franchisees in India. The transaction marks a significant consolidation of Yum! Brands’ India business under a single listed entity, with DIL emerging as the sole franchisee in India.<\/p>\n

The transaction also involved a secondary sale of an 18.5% shareholding in Sapphire by Samara to Arctic International Private Limited. Arctic is an entity associated with DIL’s promoter group, and may assign the agreement to a mutually agreed financial investor.<\/p>\n

The SAM transaction team was led by Jay Gandhi, Partner, along with Akshath Vidyanath, Senior Associate, Ankit Parekh, Senior Associate, Yashvardhan Mittal, Associate, Rhea Tewary, Associate, and Jay Sureka, Associate. The securities law aspects were advised by Yogesh Chande, Partner, Preeti Kapany, Principal Associate, and Anushri Mandal, Associate.<\/p>\n

Competition law advice was provided by Harman Singh Sandhu, Partner, and Nitika Dwivedi, Partner, along with their team. NCLT and scheme-related advisory support was provided by Anirudh Das, Partner, and team. Banking and finance inputs were provided by Veena Sivaramakrishnan, Partner, and Siddharth Jasrotia, Associate. Litigation support was led by Shreya Jain, Partner, with assistance from Prachi Gupta, Associate.<\/p>\n

Special acknowledgments to Anirban Bhattacharya, Partner, Jeel Panchal, Principal Associate, and Ambarish, Partner.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Shardul Amarchand Mangaldas advised Sapphire Foods India Limited and Samara Capital on Sapphire’s merger with Devyani International Limited, consolidating Yum! Brands’ India franchise under a single listed entity.<\/p>\n","protected":false},"author":67011,"featured_media":371872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[96328,96331,95105,96329,96327,46701,96330],"class_list":["post-371869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-devyani-international-merger","tag-kfc-pizza-hut-franchise","tag-sam-ma-advisory","tag-samara-capital-deal","tag-sapphire-foods-merger","tag-shardul-amarchand-mangaldas","tag-yum-brands-india-consolidation"],"yoast_head":"\nShardul Amarchand Mangaldas Advises on Sapphire-Devyani Merger | SCC Times<\/title>\n<meta name=\"description\" content=\"Shardul Amarchand Mangaldas advised Sapphire Foods and Samara Capital on the merger with Devyani International, consolidating Yum! 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YRIPL is a private limited company incorporated in India and is a part of Yum! 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The SAM & Co team assisted Aequs on all the legal and regulatory aspects of the transaction, including structuring of the deal, undertaking due\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Amicus\u2019 investment","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/Amicus-investment.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/Amicus-investment.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/Amicus-investment.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/Amicus-investment.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":288213,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/31\/shardul-amarchand-mangaldas-advises-indusind-bank-limited-in-granting-financial-assistance-to-duet-india-hotels\/","url_meta":{"origin":371869,"position":5},"title":"Shardul Amarchand Mangaldas advises IndusInd Bank Limited in granting financial assistance to Duet India Hotels","author":"Bhumika Indulia","date":"March 31, 2023","format":false,"excerpt":"29 March 2023 | New Delhi: Shardul Amarchand Mangaldas advised IndusInd Bank Limited (\u201cIndusInd\u201d) in granting financial assistance to Duet India Hotels (Pune) Private Limited, Duet India Hotels (Jaipur) Private Limited, Duet India Hotels (Ahmedabad) Private Limited, Duet India Hotels (Hyderabad) Private Limited, Duet India Hotels (Chennai) Private Limited and\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Shardul Amarchand Mangaldas","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-951.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-951.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-951.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-951.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/371869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=371869"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/371869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/371872"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=371869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=371869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=371869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}