Devyani To Fully Acquire Blackvelvet, Say Chefs Units For ₹189.1 Million

Devyani International Ltd. on Saturday said its subsidiary Sky Gate Hospitality Pvt. Ltd. will acquire the remaining stakes in two step-down subsidiaries—Blackvelvet Hospitality Pvt. Ltd. and Say Chefs Eatery Pvt. Ltd.—for a total of up to ₹189.1 million.

Sky Gate will buy an additional 19% stake in Blackvelvet for up to ₹62.1 million, taking its shareholding to 100% from 81%. It will also acquire a 29% stake in Say Chefs Eatery for up to ₹127 million, raising its stake to 100% from 71%. Both transactions are expected to be completed by July 31.

Blackvelvet operates dine-in and delivery restaurants, while Say Chefs owns the ‘Goila Butter Chicken’ brand and runs restaurants and cloud kitchens.