Quick service restaurant chain operator Devyani International Ltd on Tuesday (December 30) said its subsidiary, Sky Gate Hospitality Private Ltd, has executed a share purchase agreement with Heritage Foods Ltd for the sale of its entire 51% equity stake in Peanutbutter and Jelly Private Ltd.The company said Sky Gate has intimated that the agreement for sale was entered into on December 30, 2025, and the transaction is expected to be completed on or before January 31, 2026. Upon completion of the sale, Peanutbutter and Jelly Private Limited will cease to be a subsidiary of Sky Gate and a step-down subsidiary of Devyani International.
Devyani International recalled that it had earlier, on April 24, 2025, disclosed the acquisition of approximately 80.72% equity stake, on a fully diluted basis, in Sky Gate Hospitality Private Ltd along with its subsidiaries Blackvelvet Hospitality Private Ltd, Say Chefs Eatery Private Ltd and Peanutbutter and Jelly Private Ltd.
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Following that acquisition, Sky Gate and its subsidiaries became subsidiaries of the company with effect from June 10, 2025. Sky Gate holds a 51% equity stake, on a fully diluted basis, in Peanutbutter.The company said ₹9 crore will be received as consideration upon completion of the transfer of shares. It added that Peanutbutter became a step-down subsidiary only with effect from June 10, 2025 and therefore did not contribute to the company’s turnover, revenue, income or net worth during the last financial year ended March 31, 2025.Heritage Foods Ltd, the buyer, is described as a dairy company with operations across 17 states, offering milk, curd, butter, paneer and other value-added dairy products.Also Read: Heritage Foods Q2 Results: Net profit rises 5% YoY; Margins narrow on higher input costsShares of Devyani International Ltd closed at ₹142.44, down ₹0.89 or 0.62%, while Heritage Foods Ltd ended at ₹451.20, up ₹5.50 or 1.23%.
