Foreign private equity fund NYLIM Jacob Ballas India Fund is close to picking up 21.5% equity stake in Devyani International (DI), a Ravi Jaipuria-promoted company that owns Pizza Hut, KFC and Costa Coffee in India, for more than Rs 300 crore. That puts the valuation of the company at around Rs 1,500 crore.
When contacted by ET, RKJ Group chairman Ravi Jaipuria declined to comment. But a source said that Jacob Ballas is currently awaiting the Foreign Investment Promotion Board’s (FIPB) approval. The proposal will come up for clearance next week.
Devyani International is a leading franchisee of YUM! Restaurants International, the world’s largest restaurant company with over 34,000 restaurants in more than 100 countries. Devyani runs KFC and Pizza Hut chain of restaurants and is also the Indian franchisee of UK’s Costa Coffee chain. The company also has an agreement with Walt Disney Group to own and operate Disney Artist stores across India.
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