homebusiness Newscompanies NewsHaldiram denies 51% stake sale reports, says not in talks with Tata Consumer Products
Haldiram denies 51% stake sale reports, says not in talks with Tata Consumer Products
Tata Consumer Products told CNBC-TV18 that it does not want to comment on market speculations.
Snacks giant Haldiram has denied reports that it is talks with Tata Consumer for the sale of 51 percent stake to the Tata Group company.
Reuters had reported on Wednesday afternoon that Tata Consumer Products is looking to buy at least 51 percent stake in snacks brand Haldirams at a valuation of around $10 billion.
Haldiram had also been in talks with Bain about the sale of a 10 percent stake in the company, as per the reports.
One must remember that the Competition Commission of India had approved the demerger of the FMCG business of both Haldiram Snacks and Haldira Foods into Haldiram Snacks Food.
This will be a combined entity of the Delhi and Nagpur units of the foods and snacks company.
In this entity, the Delhi entity, known as Haldiram Snacks will own 56 percent, while the Nagpur entity will own 44 percent.
While the Delhi unit responded with a "no comment" to CNBC-TV18's query, the Nagpur entity denied the reports outright.
Tata Consumer Products has told CNBC-TV18 that it does not wish to comment on market speculation.
Shares of Tata Consumer Products are trading 4 percent higher, the most in 12 weeks at Rs 882. Today's volumes are already 2.5 times higher than its 20-day average.
First Published: Sept 6, 2023 2:58 PM IST
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