New Delhi: Haldiram, the name that is synonymous with Namkeen in India, may soon have a new owner. According to a report by news agency Reuters, Tata Consumer Products, a subsidiary of Tata Group, is in talks to buy the Indian snack giant. The report said that Tata Consumer Products is looking to acquire at least a 51 percent stake in Haldiram.
Haldiram wants a valuation of $1 billion
However, the biggest challenge in the deal is the valuation of Haldiram. Haldiram is seeking a valuation of $1 billion for its business, which Tata Group does not agree with.
Haldiram is also talking to private equity firms
Apart from Tata Group, Haldiram is also talking to some private equity firms, including Bain Capital, for selling its 10 percent stake. A spokesperson for Tata Consumer declined to comment on the matter, saying that the company does not respond to market speculations. Haldiram’s CEO Krishna Kumar Chutani and private equity firm Bain Capital also did not comment.
Haldiram started with a small shop in 1937
Haldiram has a humble origin, starting with a small shop in 1937. It is famous for its crispy ‘Bhujiya’ snack, which is sold in packs of Rs 10 at street-corner shops. According to Euromonitor International, the salty snack market in India is worth about $620 crore and Haldiram has about a 13 percent share in it.