Devyani International, the operator of KFC outlets in India, Nepal, and Nigeria, is set to venture into the Thai market with the acquisition of Restaurants Development Co in a deal worth $128.9 million. The acquisition, facilitated through Devyani’s Dubai unit, in which it holds a 51% stake, is expected to be finalized by March 2024. Singapore-based private investment firm Temasek Holdings owns the remaining 49%.
Restaurants Development Co currently manages 274 KFC outlets in Thailand, employing more than 4,500 people. With this strategic move, Devyani International aims to capitalize on Thailand’s robust poultry market and envisages further growth opportunities.
In a statement, Devyani highlighted Thailand’s significance, stating, “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.”
This acquisition aligns with Devyani’s broader expansion strategy, adding to its existing network of 500 KFC outlets across India, Nepal, and Nigeria. The company also holds a presence in the quick-service restaurant (QSR) space in India, operating franchises such as Pizza Hut and Costa Coffee.
As Devyani International prepares to enter the Thai market, the acquisition positions the company to tap into the thriving Southeast Asian economy and extend its reach in the global QSR landscape.
