Devyani International’s subsidiary -- Sky Gate Hospitality (Sky Gate) has sold its entire 51% equity stake held in Peanutbutter and Jelly (Peanutbutter) for a consideration of Rs 9 crore. Consequently, Peanutbutter has ceased to be a subsidiary of Sky Gate and a step-down subsidiary of the company.
Earlier, Sky Gate had executed a Share Purchase Agreement with Heritage Foods for the said sale. Heritage Foods is one of India’s leading dairy companies with operations spanning 17 states. HFL serves millions of consumers, offering a wide range of milk, curd, butter, paneer, and other value- added dairy products.
Devyani International is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants (QSR) in India, on a non-exclusive basis.
