At least 10 private equity suitors circle Balaji Wafers for 10% stake

Balaji Wafers in talks with global PE giants, eyeing up to 10% stake sale at ₹40,000 crore valuation; ITC lone FMCG suitor, IPO planned in 5-6 years

Gujarat-based Balaji Wafers is in talks with at least 10 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), which includes the likes of Abu Dhabi Investment Authority (ADIA), KKR & Co., Kedaara Capital, Bain & Company, Carlyle, TPG, among others, according to people familiar with the matter. 

ChrysCapital, Multiples, TA Associates, L Catterton, Goldman Sachs, and Morgan Stanley have also expressed interest in the asset, one of the above-mentioned sources added. The source said ITC is the only fast-moving consumer goods company that has expressed interest in acquiring a stake in the company. Goldman Sachs, Kedaara, TPG, and Carlyle declined to comment on their interest in acquiring a stake in the snack maker. A spokesperson for ITC said it would not comment on market speculation. A Canadian pension fund has also evinced interest in the asset. 

Email queries sent to ADIA, KKR, Bain & Company, ChrysCapital, Multiples, TA Associates, L Catterton, and Morgan Stanley remained unanswered until the time the story went to print. 

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 of the people said 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 with the recalibration in 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 person said. A stock-market listing is planned, though likely only in five to six years, the person added. 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 firms in India,” the investor added.

 

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.