A consortium led by Blackstone has emerged as the popular bidder for a minority stake in Haldiram Snacks, individuals conversant in the matter stated, following months of negotiations on a possible deal.
Blackstone, which is in talks to staff up with Singapore state investor GIC and Abu Dhabi Investment Authoritymight pay round $1.6 billion for a 20% stake in Haldiram, the individuals stated, asking to not be recognized as a result of the deliberations are non-public. A transaction might worth India’s largest snacks maker at about $8 billion, the individuals stated.
Talks are superior and the events want to attain an settlement as quickly as the approaching weeks, the individuals stated, including that different bidders stay excited about probably shopping for a stake.
Considerations are ongoing and no remaining selections have been made, the individuals stated. Representatives for Blackstone, GIC, Haldiram and ADIA declined to remark.
Founded by Ganga Bishan Agarwal within the Nineteen Thirties in north India, Haldiram sells a spread of meals from candy and savory snacks to frozen meals and breads. It additionally runs 43 eating places in and round Delhi, in keeping with its web site.
The house owners have for months been contemplating totally different choices for the enterprise, together with an IPO and a majority stake sale, looking for a valuation of as a lot as $12 billion, Bloomberg has reported. Other potential suitors for a minority stake embrace Singapore state-owned investor Temasek Holdings, individuals conversant in the matter have stated.
