Devyani International Ltd (DIL) and Sapphire Foods India Ltd (SFIL) have approved a merger where SFIL will be absorbed into DIL. This move aims to create a single Yum! India franchise for KFC and Pizza Hut. The deal involves a share-swap ratio and DIL acquiring 19 KFC restaurants in Hyderabad. Yum! Brands supports the merger, viewing India as a high-priority market with significant growth potential.