Sapphire Foods India and Devyani International, major franchisees for Yum Brands' KFC and Pizza Hut in India, announced plans to merge. The share-swap deal aims to create a larger quick-service restaurant platform, improve efficiencies, and strengthen growth prospects amid rising costs and slowing sales. The combined entity will operate over 3,000 outlets domestically and internationally. The merger is subject to regulatory approvals and is expected to take 12-15 months to complete, with projected annual synergies of over 2 billion rupees.