Mumbai, Jan. 2 -- Following this announcement, shares of Sapphire Foods India fell 2.35% to currently trade at Rs 255.20 on the BSE.

In a statement filed with the bourses yesterday, DIL stated that the proposed merger is subject to receipt of all the customary regulatory & statutory approvals, including approvals from the stock exchanges, the Competition Commission of India, the National Company Law Tribunals, and the shareholders and creditors of both the companies.

The process of obtaining these approvals is expected to take approximately 12 to 15 months, following which the merger will become effective.

"Upon completion, the transaction will result in DIL becoming one of the largest quick-service restaurant (QSR) operators in India ...