The company stated that Sky Gate has indicated the agreement for sale was finalized on December 30, 2025, with the transaction anticipated to be concluded on or before January 31, 2026. After the sale is finalized, Peanutbutter and Jelly Private Limited will no longer be a subsidiary of Sky Gate and will cease to be a step-down subsidiary of Devyani International.
Devyani International previously noted that on April 24, 2025, it announced 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.
Also Read: Devyani–Sapphire merger talks enter advanced stage; swap ratio emerges as key hurdle
Following this acquisition, Sky Gate and its subsidiaries officially became subsidiaries of the company on June 10, 2025. Sky Gate has a 51% equity stake, on a fully diluted basis, in Peanutbutter.
The company mentioned that ₹9 crore will be received as consideration upon the completion of the share transfer. It further clarified that Peanutbutter became a step-down subsidiary only from June 10, 2025, and thus did not contribute to the company’s turnover, revenue, income, or net worth during the last financial year that ended on March 31, 2025.
Heritage Foods Ltd, the purchaser, is identified as a dairy company operating in 17 states, providing milk, curd, butter, paneer, and various value-added dairy products.
Also Read: Heritage Foods Q2 Results: Net profit rises 5% YoY; Margins narrow on higher input costs
Shares 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%.
