Haldiram's was last year also an acquisition target for India's Tata Group, one of country's biggest conglomerates
Tata Consumer Products Ltd., the owner of the Tetley tea brand, was uncomfortable with Haldiram's $10 billion valuation
Originating from a modest sweet shop in Bikaner, Rajasthan, it has flourished into an international sensation, revolutionising the image of traditional Indian snacks. >
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From a small chawl in Bikaner to being one of the most recognisable brands in India, here's the story of Haldiram's
The company said it evaluates various strategic opportunities for growth and expansion of the business of the company on an ongoing basis
Tata Consumer Products Ltd (TCPL) and Halidram's on Wednesday said there were no negotiations going on acquiring a 51 per cent stake in the leading snacks maker and restaurant operator. According to reports, the Tata Group's FMCG arm is in talks with Haldiram's to buy a majority stake, but not comfortable with a high enterprise value. Haldiram's is a leading snacks maker and restaurant operator. "The company is not in negotiations as reported" to acquire Haldiram's," TCPL said in a regulatory filing. The filing was in response to a clarification sought by the NSE and the BSE regarding the reports. "Tata Consumer Products does not comment on market speculation," a company spokesperson said earlier in the day. When contacted, Haldiram's management declined to comment on the matter. Later issuing a statement, Halidram's said: "We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products."
According to report, Tata Consumer looks at majority stake; Bain seeks 10 per cent stake
Tatas are, however, not comfortable with the $10 billion valuation sought by the snack maker
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The existing shareholders of Haldiram Snacks and Haldiram Foods have acquired a 56% and a 44% stake, respectively, in Haldiram Snacks Food
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