PVR Inox Signs an Agreement with Devyani International

PVR Inox, a multiplex operator, and Devyani International, a quick service restaurant (QSR) operator, have agreed to launch a new firm to construct and manage food courts in India's shopping malls, PVR Inox announced on Tuesday.

Once incorporated, Devyani and PVR INOX will invest in the proposed company's share capital in a 51:49 ratio.

Furthermore, as part of the terms of the deal, existing food court operations in shopping malls now operated by Devyani or PVR INOX will not be part of the company's business until the contract expires, is terminated, or is renewed.

The firms further indicated that Directors will be chosen to the proposed company in accordance with the Shareholders' Agreement.

As of 02.05 pm, PVR Inox and Devyani International's shares were trading at Rs 1,296.80, down 1.43 percent, and Rs 156.15, up 0.51 percent, respectively.

PVR INOX and Devyani are significant participants in the entertainment and food industries, respectively. PVR INOX manages multiplexes and cinemas, as well as film production and distribution, and has 1,748 screens spread across 361 facilities in 112 cities.

Devyani, on the other hand, operates Quick Service Restaurants (QSRs), serving as the largest franchisee for Yum Brands (KFC and Pizza Hut) in India, as well as the single franchisee for Costa Coffee. It also caters to South Indian vegetarian cuisine aficionados through its Vaango brand and operates food courts in more than 250 cities across several nations.