PVR Inox Teams Up with Devyani International for Food Court Venture in India
PVR Inox and Devyani International have inked a significant agreement aimed at enhancing the food court landscape within India's bustling shopping malls. As per the announcement made by PVR Inox , the collaboration entails the formation of a new entity dedicated to the development and management of food courts.
Under the terms of the agreement, Devyani and PVR Inox will contribute to the share capital of the proposed company in a ratio of 51:49 respectively. It's noteworthy that existing food court businesses operated by either party will remain independent of the new venture until the expiration, termination, or renewal of their current contracts.
Moreover, the appointment of directors to the forthcoming company will be in accordance with the Shareholders' Agreement, ensuring strategic alignment and effective governance.
In the market sphere, PVR Inox and Devyani International witnessed varied trading patterns, with PVR Inox's shares experiencing a slight downturn to Rs 1,296.80, a decrease of 1.43 per cent, while Devyani International's shares saw a modest increase to Rs 156.15, marking a rise of 0.51 per cent, as of 02.05 pm.
PVR Inox boasts a dominant presence in the entertainment sector, operating multiplexes and cinemas across India. Its extensive footprint encompasses 1,748 screens distributed across 361 properties spanning 112 cities. Conversely, Devyani International is a notable Quick Service Restaurant (QSR) operator, serving as a major franchisee for renowned brands such as KFC and Pizza Hut in India.
Additionally, it holds the sole franchise rights for Costa Coffee and caters to South Indian cuisine enthusiasts through its Vaango brand. With a widespread presence in over 250 cities across multiple nations, Devyani International also operates food courts, augmenting its diverse portfolio within the food industry.
Under the terms of the agreement, Devyani and PVR Inox will contribute to the share capital of the proposed company in a ratio of 51:49 respectively. It's noteworthy that existing food court businesses operated by either party will remain independent of the new venture until the expiration, termination, or renewal of their current contracts.
Moreover, the appointment of directors to the forthcoming company will be in accordance with the Shareholders' Agreement, ensuring strategic alignment and effective governance.
In the market sphere, PVR Inox and Devyani International witnessed varied trading patterns, with PVR Inox's shares experiencing a slight downturn to Rs 1,296.80, a decrease of 1.43 per cent, while Devyani International's shares saw a modest increase to Rs 156.15, marking a rise of 0.51 per cent, as of 02.05 pm.
PVR Inox boasts a dominant presence in the entertainment sector, operating multiplexes and cinemas across India. Its extensive footprint encompasses 1,748 screens distributed across 361 properties spanning 112 cities. Conversely, Devyani International is a notable Quick Service Restaurant (QSR) operator, serving as a major franchisee for renowned brands such as KFC and Pizza Hut in India.
Additionally, it holds the sole franchise rights for Costa Coffee and caters to South Indian cuisine enthusiasts through its Vaango brand. With a widespread presence in over 250 cities across multiple nations, Devyani International also operates food courts, augmenting its diverse portfolio within the food industry.
