📷 Image Credits: Moneycontrol
Blackstone Inc, one of the largest names in private equity, is currently in advanced talks with family members running India’s largest savouries and snacks business Haldiram’s, for a controlling stake in the business at a valuation of up to Rs 70,000 crore. The consortium partners Abu Dhabi Investment Authority and Singapore’s GIC have been in discussions with the Delhi and Nagpur-based Agrawal family for several months. However, differences over the valuation of the business have delayed the negotiations. Talks between Haldiram’s promoters and Blackstone have gained momentum once again over the last few weeks. The family members are negotiating to retain a larger share of the business, with discussions likely to result in a stake sale of around 74 percent. If the deal goes through, it will mark the biggest private equity buyout in India to date. Sources indicate that the Agarwal family is also considering a potential public listing of the business, as bids from private equity investors have fallen short of their expectations. Apart from Blackstone, bids were also received from PE firm Bain & Co. and Temasek Holdings. The Delhi-based business Haldiram Snacks Pvt Ltd reported revenue of Rs 6,377 crore in FY23, with 85 percent of sales from the FMCG business and 15 percent from its restaurant business. On the other hand, the Nagpur business, Haldiram Foods International Pvt Ltd, recorded a revenue of Rs 5,974 crore and a profit of Rs 794 crore in FY23, as per reports by Crisil.
