Tata Consumer Products denies reports of acquiring a majority stake in Haldiram's for $10 billion
As per the reports, Tata was not okay with the high valuation that Haldiram's wanted and decided not to continue with the deal.
Tata Consumer Products has denied reports of holding talks to purchase a 51% stake in popular Indian snack food maker Haldiram's at a $10 billion valuation. In a regulatory filing, Tata Consumer Products clarified that it is not in negotiations as reported in a news article by The Reuters. As per the reports Tata, was not okay with the high valuation that Haldiram's wanted and decided not to continue with the deal. However, the potential acquisition would have expanded Tata's consumer product portfolio significantly. Tata Consumer Products is known for brands like Tetley and its partnership with Starbucks in India. Haldiram's is a well-known Indian snack brand with a strong presence both domestically and internationally.
Haldiram's, famous for its crispy "bhujia" snack and a variety of other Indian snacks, has a substantial share of India's $6.2 billion savory snack market. It has also expanded its presence in overseas markets like Singapore and the United States. The company operates around 150 restaurants selling a range of food items, including local dishes, sweets, and western cuisine.
While Tata Consumer Products denied the reports, the potential acquisition would have been a significant move in the Indian consumer goods industry, aligning Tata more closely with the snack food market and putting it in competition with brands like Pepsi, known for its Lay's chips.