KFC and Pizza Hut operator Sapphire Foods India will merge with Devyani International, which also runs the chains in India, in a nearly ₹8,400 crore deal. Under the proposed scheme, Devyani will issue 177 shares for every 100 shares held in Sapphire. The firms operate more than 3,000 outlets across India and overseas, including KFC and Pizza Hut dine-in restaurants.