Balaji Wafers in talks with leading PE firms to sell up to 10% stake

Gujarat-based Balaji Wafers is in talks with leading private equity (PE) firms to sell up to 10 per cent of the company at a valuation of about ₹40,000 crore ($4.53 billion), according to people familiar with the matter. 

The Virani brothers — Chandubhai, Bhikhubhai, and Kanubhai — who founded and control the firm, are considering a partial stake sale to fund expansion across India. One of the people said Haldiram’s recent deal, which valued the firm at $10 billion, has set a benchmark in the snacks category, prompting Balaji’s promoters to explore a cash-out. 

In March this year, Haldiram raised $1 billion from International Holding Company, Alpha Wave Global, and Temasek by selling a 10 per cent stake. 

“The family-run company is also evaluating bringing in professionals to steer its next phase of growth,” the person said. A stock-market listing is planned, though likely only in five to six years, the person added. 

An email sent to Balaji Wafers on Friday went unanswered. 

PE funds, flush with record capital, are eyeing opportunities in India’s branded consumer, technology, and healthcare sectors. 

A US-based investor said they were actively scouting consumer deals, citing “dry powder” — industry jargon for cash set aside for immediate deployment.

 

“We are engaging with several consumer companies in India,” the investor added. 

Currently, two peers — Prataap Snacks and Bikaji Foods International — are listed on Indian exchanges, offering a glimpse into industry valuations. Prataap Snacks is valued at ₹2,379 crore, while Bikaji Foods International commands a market value of ₹20,053 crore, as of Friday’s close. 

Balaji Wafers, headquartered in Rajkot, makes chips, namkeens, and confectionery under the Balaji brand, with a strong presence in western and central India. It also exports to the UK, US, and West Asia. 

The firm reported net sales of ₹5,453.7 crore in 2023-24, up 10.7 per cent, while profit after tax rose 41.4 per cent to ₹578.8 crore, according to Capitaline. 

Its eight-member board includes the Virani brothers, Keyur Virani (son of Bhikhubhai), and director Sameer Chadha, along with independent directors Mihir Virani (son of Bhikhubhai), Mansukhlal Bhanderi, and Pranay Virani (son of Chandubhai), according to Tracxn data.

 

India’s packaged food market was valued at $121.3 billion in 2024 and is projected to reach $224.8 billion by 2033, expanding at a compound annual growth rate of 6.5 per cent, according to market research firm IMARC.