A consortium led by Blackstone has emerged as the popular bidder for a minority stake in Haldiram Snacks, folks 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 Authority, might pay round $1.6 billion for a 20% stake in Haldiram, the folks stated, asking to not be recognized as a result of the deliberations are non-public. A transaction may worth India’s greatest snacks maker at about $8 billion, the folks stated.
Talks are superior and the events need to attain an settlement as quickly as the approaching weeks, the folks stated, including that different bidders stay desirous about doubtlessly shopping for a stake.
Considerations are ongoing and no remaining choices have been made, the folks stated. Representatives for Blackstone, GIC, Haldiram and ADIA declined to remark.
Founded by Ganga Bishan Agarwal within the Thirties in north India, Haldiram sells a spread of meals from candy and savoury snacks to frozen meals and breads. It additionally runs 43 eating places in and round Delhi, based on its web site.
The homeowners 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, folks conversant in the matter have stated.
