Devyani Expands with Sky Gate Acquisition

• Devyani International acquires 80% stake in Sky Gate, expanding into premium Biryani and North Indian food categories.
• Nuvama Institutional Equities raises Devyani's target price to Rs 216, maintaining a 'Buy' rating.
• The acquisition aligns with Devyani's vision of becoming a multi-brand, multi-category company.
• The deal is valued at Rs 519 crore, with a significant portion settled through equity swap.
• Sky Gate's profitability expected to ramp up by FY26, enhancing Devyani's growth strategy.

Source: Business News India, The Times Of India