The Indian company, Devyani International, which owns franchisee of KFC and Pizza Hut in India, has purchased 61 more stores of KFC in the country for an undisclosed sum, according to a media report.
Devyani International, originally backed by Ravi Jaipurias company RJ Corp., will buy stores in Andhra Pradesh, Telangana and Karnataka, as reported by daily news, The Economic Times. Earlier in 2018, Devyani bought 13 restaurants in Goa and Kerala.
Yum Brand-owned KFC India takes this strategic move to exit heavy operations throughout the globe in order to concentrate on its brand growth and improvement.
We continue to re-evaluate ownership strategy as part of an annual process and in line with business growth. The strategic intent is to unlock growth for the brand, MD of KFC India, Samir Menon, told the newspaper.
Yum Brands other franchisee, Pizza Hut is fully franchised. Devyani International is one of the oldest franchise partners of the company, which operates almost 500 Pizza Hut and KFC stores.
KFC is one of the fastest-growing brands in our portfolio. Our partnership with Yum is driven by a commitment to build the brand by expanding geographic presence and driving world-class operations, Chief Executive of Devyani International, Virag Joshi, told the newspaper.