Haldiram’s has held talks with private equity firm General Atlantic for a minority stake sale, The Economic Times reported, citing people aware of the development. The deal values the homegrown snack maker at $5-6 billion.
General Atlantic is looking to pick about 10 percent stake in the food brand that counts Delhi, Nagpur and Kolkata as its three major hubs.
“General Atlantic has been working very closely with the promoter family for a while now and the transaction is close to being finalised,” a person aware of the development was quoted as saying in the ET report.
TA Associates is also reported to be in contention for a stake in Haldiram’s, but ET couldn’t verify the development.
The food major was in talks with the American behemoth Kellogg for fundraising at a reported $3 billion last year. However, the talks collapsed due to Kellogg’s demand for a majority stake.
Founded in Bikaner, Rajasthan, Haldiram’s has been in operation for over eight decades and operates a chain of restaurants across the country. It also sells packaged sweets and savouries. The privately-held firm is owned by members of the Agarwal family, which divided the company’s operations geographically in the 1990s.
ET’s queries to Haldiram’s Delhi unit chief, General Atlantic and TA Associates went unanswered.
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