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 $8.5bn, two sources with direct knowledge 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, said the sources, who declined to be named as the discussions are private. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The consortium, led by Blackstone, has submitted a non-binding bid for a 75% stake and the talks are in early stages, the sources 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, the sources added. India’s Economic Times newspaper first reported the deal talks.
Haldiram’s CEO Krishan Chutani, ADIA and Blackstone declined to comment while GIC did not immediately respond.
Last year, Reuters reported 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 $10 billion.
Those talks have ended and no Tata deal is in the works, a third source with direct knowledge said on Tuesday.
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