A consortium including Blackstone, Singapore state fund GIC and Abu Dhabi Investment Authority (ADIA) is in talks with India’s Haldiram’s for a majority stake in its snacks business at a valuation of up to $8.5 billion, media reports said.
Haldiram’s, a household name in India, has more than 150 restaurants selling local food, sweets and western cuisine. It also has a popular snacks business for which the deal talks are currently ongoing, the report said.
The consortium, led by Blackstone, has submitted a non-binding bid for a 75% stake and the talks are in early stages, the report said, adding that the final percentage and valuation has not yet been decided.
GIC and ADIA — both investors in Blackstone’s funds — are part of the non-binding bid. India’s Economic Times newspaper first reported the deal talks.
Haldiram’s CEO Krishan Chutani, ADIA and Blackstone declined comment while GIC did not immediately respond, according to the reports. Last year, India’s Tata Group was in talks with Haldiram’s to acquire a majority stake in the entire snacks and restaurants business. Haldiram’s at the time was seeking a valuation of $10billion.
Those talks have ended and no Tata deal is reportedly in the works.
