India, Jan. 2 -- The strategic consolidation of the two QSR operators will also create "a single unified Yum! India Franchisee for KFC and Pizza Hut

Sapphire Foods, the franchise operator of Yum! Brands' restaurants, KFC and Pizza Hut, will merge with Devyani International.

The boards of Devyani International Ltd (DIL) and Sapphire Foods India Ltd (SFIL) at their respective meetings approved a scheme of arrangement for the merger of SFIL with and into DIL, marking a strategic consolidation of the two companies.

The strategic consolidation of the two QSR operators will also create "a single unified Yum! India Franchisee for KFC and Pizza Hut.

Devyani International will issue 177 shares for every 100 shares held in Sapphire Foods, the c...