Devyani International Ltd (DIL), the largest franchisee of Pizza Hut, KFC and Costa Coffee in India, on Monday said it has entered into a revised agreement with coffee chain Costa Coffee.
"DIL has entered into a revised development agreement for its existing Costa business on August 14, 2021, pursuant to which DIL has been granted development rights for PAN India in a phased manner," the company said in a release.
DIL will have development rights for a period of five years initially, which will be extendable from time to time subject to meeting of development and contractual obligations.
Earlier today, DIL, the largest franchisee of Yum Brands in India and among the largest operators of chain quick service restaurants (QSR) in the country, made a bumper debut on bourses, with its share listing at Rs 141, 56.66 per cent higher to the IPO issue price.
The company's Rs 1,838-crore IPO was open from August 4 to August 6 and the price band of the IPO was fixed at Rs 86-90 per share. A day before the IPO opened, the firm had raised Rs 825 crore from anchor investors.
Costa Coffee opened its first store in India in 2005 in Delhi, and operated 44 Costa Coffee stores in eight states and one union territory, across 17 cities in India as on June 30, 2021.
It currently operates two formats of Costa Coffee stores -- full retail stores at high-street locations and malls, and
branded kiosks at airports, hospitals and food courts at highways.
Shares of Devyani International were trading at Rs 125.20 on the BSE during the afternoon session on Monday.
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