Sapphire Foods India plans to merge with Devyani International, consolidating Yum! Brands' KFC and Pizza Hut franchise operations in India. The merger, structured as a tax-neutral transaction, will see Sapphire shareholders receive Devyani International shares at a ratio of 177 for every 100 held. While the swap itself is tax-neutral, investors must understand how capital gains will be calculated upon future sale of their post-merger shares. The integration process is expected to take 15-18 months.