Haldiram's snacks business up for sale? Blackstone-led consortium eyes major stake, says report

A consortium led by Blackstone, along with Singapore state fund GIC and Abu Dhabi Investment Authority (ADIA), is reportedly in negotiations with India's renowned Haldiram's for a significant stake in its snacks division, news agency Reuters reported, quoting sources familiar with the matter.

Haldiram's, a household name across India, boasts a diverse portfolio encompassing over 150 restaurants specialising in local delicacies, sweets, and western cuisine. Additionally, the company holds a prominent position in the snacks industry, a segment currently under discussion for potential investment, the report said.

The consortium, spearheaded by Blackstone, has reportedly tabled a non-binding offer for a 75 per cent controlling interest, marking the early stages of negotiations. However, details regarding the final stake percentage and valuation remain undisclosed at this juncture.

This development comes in the wake of earlier reports indicating discussions between India's Tata Group and Haldiram's regarding a potential acquisition of a majority stake encompassing both the snacks and restaurants business. However, the report quoted a separate source with direct insight into the matter who confirmed the cessation of these talks, dispelling any ongoing discussions with Tata Group as of Tuesday.

(With Reuters inputs.)