Singapore's state-linked investment giant Temasek Holdings agreed to take a stake in restaurant operator Devyani International, who is the largest franchisee for Pizza Hut and KFC in India and also has Pan India franchisee rights for Costa Coffee, local media reported Monday.
According to Channel NewsAsia, Temasek will buy an existing 16. 56 million U.S. dollar stake in Devyani, which has over 300 food and beverage outlets in India, Nepal and Nigeria, from ICICI Venture, a wholly owned subsidiary of India's largest private sector financial services group ICICI Bank. And in the meantime, the investment giant will also invest 66.24 million U.S. dollars in Devyani.
Channel NewsAsia said that a Temasek spokesman confirmed the investment but declined to provide more details over the issue.