Blackstone In Talks To Gobble Up Majority Stake In Haldiram's In ₹70,000 Cr Deal: Report

Private equity behemoth Blackstone is said to be in advanced talks with the Agrawal family to buy a majority stake in snack maker Haldiram’s.

What Happened: Blackstone, in conjunction with consortium partners Abu Dhabi Investment Authority and Singapore's GIC, has been in talks with the Agrawal family, who are based in Delhi and Nagpur, for a controlling stake in Haldiram's, Moneycontrol reported.

The potential deal, reportedly worth up to ₹70,000 crore, could become the biggest private equity buyout in India’s history.

The Agrawal family is reportedly reluctant to part with a 76% controlling stake as sought by the private equity investors, favouring instead to keep a larger portion of the business. Recent talks with Blackstone are believed to be heading towards a stake sale of around 74%. After the initial delays, the discussions have picked up pace in the past few weeks, Moneycontrol added.

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The Blackstone consortium's talks with the snack maker was first reported by The Economic Times in May. Back then, the consortium was reported to be seeking up to a 76% stake in Haldiram's.

However, a report by Bloomberg later said that the talks had stalled as the company was eyeing an IPO after bids from private equity investors valued the company at $8 billion-8.5 billion, falling short of the family’s $12 billion expectation. Alongside Blackstone, Haldiram’s received bids from private equity firms Bain & Co. and Temasek Holdings, the report added.

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