Ahead of listing, Devyani International extends partnership with Costa Coffee

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Devyani International

Devyani International Limited (DIL), the largest franchisee of Yum Brands in India and one of the largest operants of chain quick-service restaurants, today publicized the expansion of partnership with Costa Coffee.

DIL has gone into a modified development agreement for its current Costa business on August 14, 2021, pursuant to which DIL has been granted development rights for PAN India in a phased manner. “This agreement has initially granted development rights for a period of 5 years and extendable from time to time subject to meeting of development and contractual obligations,” the company said in a statement.

Devyani International is one of the largest operants of chain quick-service restaurants (QSR) in India, on a non-restrictive basis, and operates 735 stores across India, Nepal, and Nigeria as of June 30, 2021. Yum! Brands Inc. operates brands, for example, KFC, Pizza Hut, and Taco Bell brands.

In addition, DIL is a franchisee for the Costa Coffee brand and stores in India. DIL’s first Costa Coffee store in India opened in 2005 in Delhi and as of June 30, 2021, operated 44 Costa Coffee stores located in eight states and one union territory, across 17 urban areas in India. The company as of now operates two formats of Costa Coffee stores, namely full retail stores at high-road locations and malls, and branded stands at airports, hospitals, and food courts at highways.

Devyani International’s initial public offering (IPO) closed on August 6 with the value band of the initial share sale fixed at ₹86-90 for each share. The quick-service restaurant (QSR) company’s IPO comprises a fresh issue of ₹440 crores and an offer for sale (OFS) of up to 155.33 million shares by shareholders and promoters. Devyani International’s shares are going to make their stock market launch on Monday on the BSE and the NSE.

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