Written by M. Shriram and Aditya Kalra
MUMBAI (Reuters) – A consortium including Blackstone, Singapore government fund GIC and Abu Dhabi Investment Authority (ADIA) is in talks with India’s Haldi Rams to acquire a majority stake in the company’s snacks business at a valuation of up to $8.5 billion. Two sources with direct knowledge of the matter said. Said.
Well-known in India, Haldiram’s has over 150 restaurants selling local cuisine, sweets and Western cuisine. The company also has a popular snack business for which deal negotiations are currently underway, said the people, who asked not to be named because the negotiations are private.
A consortium led by Blackstone has submitted a non-binding bid for a 75% stake, and negotiations are at an early stage, the sources said, adding that the final percentage or valuation has not yet been determined. .
Investors in Blackstone’s funds, GIC and ADIA, are participating in non-binding bids, the people added. India’s Economic Times newspaper first reported on the deal negotiations.
Haldiram CEO Krishan Chuthani, ADIA and Blackstone declined to comment, while GIC did not immediately respond.
Last year, Reuters reported that India’s Tata Group was in talks with Haldirams to acquire a majority stake in the entire snack restaurant business. At the time, Haldiram was seeking a $10 billion valuation.
Those negotiations have ended and a deal with Tata is not moving forward, a third-party person with direct knowledge said on Tuesday.
(Reporting by M. Sriram; Editing by Lincoln Feast)
