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Devyani buys out Biriyani By Kilo owner

Quick service restaurant Devyani International is tightening its grip on India’s fast-growing food services space, snapping up the remaining stake in Sky Gate Hospitality, the operator of brands like 'Biriyani By Kilo' and 'Goila Butter Chicken', in a deal worth about Rs 57.5 crore.The KFC, Pizza Hut and Costa Coffee franchisee said its board has approved the acquisition of an additional 11.4% stake in Sky Gate from the company’s promoters and founders, taking its ownership to full control. The transaction will be completed through a mix of cash and preference shares, according to a regulatory filing on Wednesday.With this latest buyout, Devyani is clearly signalling that Sky Gate is no longer a side dish but a core part of its growth recipe.Of the total consideration, Rs 27.5 crore w

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