KFC operators Sapphire Foods-Devyani International's merger to create fast-food giant in India

Sapphire Foods India said it will merge with Devyani International, a move expected to consolidate local franchise partners of Yum Brands, which owns KFC and Pizza Hut. The companies said the proposed merger is subject to approvals from regulators, stock exchanges, the Competition Commission of India, the National Company Law Tribunal, and shareholders and creditors.