Devyani International boosts stake in Sky Gate subsidiaries

Devyani International Limited (BSE: DEVYANI) announced it will acquire additional equity stakes in Blackvelvet Hospitality Private Limited and Say Chefs Eatery Private Limited, two subsidiaries of Sky Gate Hospitality Private Limited. Sky Gate currently holds an 81% stake in Blackvelvet and approximately 71% in Say Chefs. Upon completion of these acquisitions, Sky Gate will own 100% of both Blackvelvet and Say Chefs. These acquisitions follow Devyani's earlier acquisition of an 80.72% equity stake in Sky Gate, announced in April 2025 and completed on June 10, 2025. Further, Devyani will be investing up to INR106.25 crore in Sky Gate through subscription of fresh equity and acquisition of promoter holdings, increasing their share to 86.13% on a fully diluted basis. The total cash consideration for the Blackvelvet and Say Chefs acquisitions is projected to be up to INR6.21 crore and INR12.7 crore, respectively. These transactions, which are expected to close by July 31, 2025, underscore Devyani's strategy to expand its presence and brand portfolio in the Indian food and beverage market. Blackvelvet, known for Mughlai and Indian cuisine home delivery and dine-in restaurants, reported a revenue of INR3,159.87 lakh for the year ended March 31, 2025. Say Chefs, which owns the 'Goila Butter Chicken' brand, reported INR23.71 lakh in revenue for the same period.