- Devyani International's subsidiary Sky Gate sold its 51% stake in Peanut Butter and Jelly to Heritage Foods
- Peanut Butter and Jelly owns Get-A-Whey, a brand focused on high-protein, no-added-sugar ice creams
- Peanut Butter and Jelly ceased to be a subsidiary of Sky Gate and Devyani International with immediate effect
Devyani International, one of the country's leading quick service operators, on Thursday said its subsidiary Sky Gate Hospitality has sold its stake in Peanut Butter and Jelly Ltd to Heritage Foods.
Peanut Butter and Jelly Pvt Ltd owns health-focused 'Get-A-Whey' brand, which produces high-protein, no-added-sugar ice creams and desserts.
'Sky Gate Hospitality, a subsidiary company had executed a Share Purchase Agreement with Heritage Foods for sale of its entire 51% equity stake held in Peanut Butter and Jelly a subsidiary of Sky Gate and a step-down subsidiary of the Company,' said a regulatory filing from Devyani International Ltd (DIL).
Consequently, Peanut Butter has 'ceased to be a subsidiary of Sky Gate and a step-down subsidiary of the Company with immediate effect,' it said.
DIL had last year acquired Sky Gate Hospitality, which owns brands such as Biryani By Kilo and Goila Butter Chicken.
Last week, DIL, part of the Jaipuria family-promoted RJ Corp Group, had announced the merger of Sapphire Foods through a share swap.
The scheme of merger would have to pass through mandatory clearance, and once approved, it will become one of the largest QSR (quick service operator) chains, with the potential to cross USD 1 billion in revenue soon.
Both Sapphire Foods and DIL are the franchise operators of Yum! Brands' restaurants, KFC and Pizza Hut.
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