{"id":372096,"date":"2026-01-09T10:00:36","date_gmt":"2026-01-09T04:30:36","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=372096"},"modified":"2026-01-09T09:51:07","modified_gmt":"2026-01-09T04:21:07","slug":"cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/","title":{"rendered":"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger"},"content":{"rendered":"
\n

January 08, 2025, Mumbai:<\/span> Cyril Amarchand Mangaldas advised Devyani International Limited (“DIL”) in relation to the merger of Sapphire Foods India Limited (“SFIL”) with DIL. SFIL and DIL, both listed on BSE Limited and National Stock Exchange of India Limited, operate KFC and Pizza Hut restaurants in India (and select overseas markets) under franchise from Yum! Brands, and are the exclusive franchisees in India. Upon completion, the transaction will result in DIL becoming one of the largest quick-service restaurant operators in India by combining the operations of both companies, positioning the merged entity for the next phase of accelerated growth, scale, and profitability.<\/p>\n

The transaction team advising DIL was led by Anchal Dhir, Partner and Shubham Rastogi, Partner; with assistance from Swini Khara, Senior Associate, Varun Kannan, Senior Associate, Prachurya Sahu, Associate, Coral Shah, Associate, Geetika Kaura, Associate and Judy Gantzer, Associate.<\/p>\n

Avaantika Kakkar, Partner (Head-Competition) advised on competition law aspects of the transaction with assistance from Rajat Sharma, Senior Associate, Mohini Parghi, Associate, and Kartik Agrawal, Associate.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cyril Amarchand Mangaldas advised Devyani International Limited on the merger of Sapphire Foods India Limited with DIL, consolidating Yum! Brands’ India franchise under a single listed entity.<\/p>\n","protected":false},"author":67011,"featured_media":372109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[96487,30960,96328,96485,96486,96327,96330],"class_list":["post-372096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-cam-ma-advisory","tag-cyril-amarchand-mangaldas","tag-devyani-international-merger","tag-kfc-pizza-hut-india-franchise","tag-listed-company-merger-india","tag-sapphire-foods-merger","tag-yum-brands-india-consolidation"],"yoast_head":"\nCyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger | SCC Times<\/title>\n<meta name=\"description\" content=\"Cyril Amarchand Mangaldas advised Devyani International on the merger with Sapphire Foods, consolidating Yum! Brands' India business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger\" \/>\n<meta property=\"og:description\" content=\"Cyril Amarchand Mangaldas advised Devyani International on the merger with Sapphire Foods, consolidating Yum! Brands' India business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-09T04:30:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/blog-2026-01-09T094836.714.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"886\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/84e42bab48238baf12c7e33b3d9761fe\"},\"headline\":\"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger\",\"datePublished\":\"2026-01-09T04:30:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/\"},\"wordCount\":176,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/blog-2026-01-09T094836.714.webp\",\"keywords\":[\"CAM M&A advisory\",\"Cyril Amarchand Mangaldas\",\"Devyani International merger\",\"KFC Pizza Hut India franchise\",\"listed company merger India\",\"Sapphire Foods merger\",\"Yum Brands India consolidation\"],\"articleSection\":[\"Law Firms News\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/\",\"name\":\"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/blog-2026-01-09T094836.714.webp\",\"datePublished\":\"2026-01-09T04:30:36+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/84e42bab48238baf12c7e33b3d9761fe\"},\"description\":\"Cyril Amarchand Mangaldas advised Devyani International on the merger with Sapphire Foods, consolidating Yum! Brands' India business.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/blog-2026-01-09T094836.714.webp\",\"contentUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/blog-2026-01-09T094836.714.webp\",\"width\":886,\"height\":590,\"caption\":\"Devyani International Sapphire Foods merger\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/01\\\/09\\\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/84e42bab48238baf12c7e33b3d9761fe\",\"name\":\"Editor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g\",\"caption\":\"Editor\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_4\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger | SCC Times","description":"Cyril Amarchand Mangaldas advised Devyani International on the merger with Sapphire Foods, consolidating Yum! Brands' India business.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/","og_locale":"en_US","og_type":"article","og_title":"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger","og_description":"Cyril Amarchand Mangaldas advised Devyani International on the merger with Sapphire Foods, consolidating Yum! Brands' India business.","og_url":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2026-01-09T04:30:36+00:00","og_image":[{"width":886,"height":590,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/blog-2026-01-09T094836.714.jpg","type":"image\/jpeg"}],"author":"Editor","twitter_card":"summary_large_image","twitter_title":"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger","twitter_misc":{"Written by":"Editor","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/"},"author":{"name":"Editor","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe"},"headline":"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger","datePublished":"2026-01-09T04:30:36+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/"},"wordCount":176,"commentCount":0,"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/blog-2026-01-09T094836.714.webp","keywords":["CAM M&A advisory","Cyril Amarchand Mangaldas","Devyani International merger","KFC Pizza Hut India franchise","listed company merger India","Sapphire Foods merger","Yum Brands India consolidation"],"articleSection":["Law Firms News","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/","url":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/","name":"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/blog-2026-01-09T094836.714.webp","datePublished":"2026-01-09T04:30:36+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe"},"description":"Cyril Amarchand Mangaldas advised Devyani International on the merger with Sapphire Foods, consolidating Yum! Brands' India business.","breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/blog-2026-01-09T094836.714.webp","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/blog-2026-01-09T094836.714.webp","width":886,"height":590,"caption":"Devyani International Sapphire Foods merger"},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/09\/cyril-amarchand-mangaldas-advises-devyani-international-sapphire-foods-merger\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Cyril Amarchand Mangaldas Advises Devyani International on Sapphire Foods Merger"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe","name":"Editor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","caption":"Editor"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_4\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/blog-2026-01-09T094836.714.webp","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/372096","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=372096"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/372096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/372109"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=372096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=372096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=372096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}