INDIA – Sapphire Foods (SFIL), one of the largest franchisees of Yum! Brands Inc. in India is set to increase its stakes from 51% to 75% in Gamma Island Food Private Ltd (GIFPL), which operates Pizza Hut and KFC restaurants in the Maldives under franchisee agreements for a consideration of 1.88 crores (US$227,643).
The proposed acquisition is by way of subscription to the additional equity shares issued by GFIPL to GPOPL, in one or more tranches, the pricing of which is based on a chartered accountant report.
The objective of the acquisition of the additional shares is principally to support GIFPL’s plans of expanding further in the Maldives region and consolidate the shareholding in GIFPL.
“The Board of Directors of Gamma Pizzakraft (Overseas) Pvt Ltd (GPOPL), a wholly owned subsidiary of SPIL, has considered and approved subscription of up to 81,914 Equity Shares of GIFPL, a subsidiary of GPOPL and a step-down subsidiary of the Company, for a total consideration of up to 1.88 crores Maldivian Rufiyaa (Rs 10.15 cr),” Sapphire Foods said.
“According to this proposed acquisition, the equity shareholding of GPOPL in GIFPL will be increased from the existing 51% up to 75%.”
SFIL operates more than 700 KFC, Pizza Hut, and Taco Bell restaurants across India, Sri Lanka, and the Maldives.
Wow! Momo appoints Mithun Appaiah as the new CEO
At the same time, Wow! Momo, a leading Quick Service Restaurant (QSR) brand still in India, has appointed Mithun Appaiah as the new CEO of its FMCG business.
Appaiah comes with 20 years of experience in the FMCG and Food & Beverage industry, which he will use in his new role that entails building an FMCG vertical business with innovative categories across momos, sauces, noodles, and beverages.
He will also focus on creating a vertical for select global markets where the branded range of Wow! would be marketed.
Before joining Wow! Momo, Appaiah was CEO and Executive Director at Innovative Foods. He has also worked at organizations like Nestle, UB Group, and Britannia in different positions.
Commenting on the appointment, Sagar Daryani, Co-Founder and CEO, Wow! Foods, said, “We are confident that having crafted and led growth stories with different kinds of FMCG brands, Mithun is a perfect fit.”
“From agility of strategy to nimble footed execution, Mithun fits the role as the captain of our new ship seamlessly.”
As the new development comes into effect, Research and Markets project the Indian QSR industry will have grown by 17.27 percent and will be worth Rs. 827.63 billion by 2025.
The growth is being boosted by the growing young population and increase in per capita income, which is also increasing internet penetration that has allowed more online ordering.
For all the latest food industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube channel.
