ICICI Venture has bought a 10% stake in RJ Corp's Devyani International, which runs KFC, Pizza Hut and Costa Coffee chains in India, for about Rs 250 crore, two people familiar with the development said.
Ravi Jaipuria, founder of the Rs 3,000-crore RJ Corp, confirmed the investment deal, but declined to comment on its size.
“The deal was signed on Wednesday. It will support expansion of our foods business in India and in global markets,” he told ET on Wednesday.
“Devyani also plans to go public before 2013,” he added. Two officials close to the development said the private equity firm will pay Rs 225-250 crore for a 10% stake, valuing Devyani at $500 million.
Source: Economic Times