Kedaara Capital, General Atlantic eye 6-7% slice of Balaji Wafers

Gujarat-based Balaji Wafers is in the final stages of a stake sale, with Kedaara Capital and General Atlantic (GA) leading the race to acquire 6-7 per cent of the company, which is valued at ₹35,000-40,000 crore, according to a source familiar with the matter.

The packaged food major had initially planned to sell up to a 10 per cent stake and had engaged with at least 10 private equity (PE) firms last month, including Abu Dhabi Investment Authority, KKR & Co., Bain & Company, Carlyle, and TPG. 

GA declined to comment, while Kedaara did not respond until the time of going to press. 

The Virani brothers — Chandubhai, Bhikhubhai, and Kanubhai  — who founded and control the company, are considering a partial stake sale to fund expansion across India. One source noted that Haldiram’s recent deal, which valued the company at $10 billion, has set a benchmark in the snacks category, prompting Balaji’s promoters to explore a cash-out. Industry executives said that with the recalibration of the goods and services tax effective from September 22, companies are expecting a pickup in their sales revenues. 

In March this year, Haldiram raised $1 billion from International Holding Company, Alpha Wave Global, and Temasek, the Singapore state investment firm, 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 source said. A stock-market listing is planned, though likely only in five to six years, the source added. 

PE funds, flush with record capital, are eyeing opportunities in India’s branded consumer, technology, and healthcare sectors. A US-based investor had earlier 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. 

Balaji Wafers, headquartered in Rajkot, produces chips, namkeens, and confectionery under the Balaji brand, with a strong presence in western and central India. It also exports to the UK, the 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 (PAT) rose 41.4 per cent to ₹578.8 crore, according to Capitaline. A source said revenue crossed ₹6,000 crore in 2024-25. 

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.

 

Balaji Wafers: A crunchy deal ahead 

·         Expected to conclude stake sale in the next fortnight

 

·         Plans a stock-market listing in 5–6 years

 

·         Considering bringing in professionals to guide the next phase of growth

 

·         Reported net sales of ₹5,453.7 crore in 2023–24, up 10.7%; PAT rose 41.4% to ₹578.8 crore; revenue crossed ₹6,000 crore in FY25