Standard snacks maker Haldiram’s refuted media stories that claimed that the corporate is in talks with the Tata Group’s client division, Tata Shopper Merchandise, for the sale of 51 per cent of its stake.
A Reuters report had mentioned the Tata Group is trying to purchase a minimum of 51 per cent stake in Haldiram’s however isn’t comfy with the valuation of $10 billion.
In accordance with CNBC TV 18, the snacks maker isn’t in talks with Tata Shopper Merchandise for a sale deal.
The Tata Group too refuted the report after the Nationwide Inventory Trade of India Restricted (NSE) and Bombay Inventory Trade Restricted (BSE) sought a clarification on the difficulty. “The Firm isn’t in negotiations as reported within the above-referred information article,” Tata Group mentioned.
In April, the Competitors Fee of India (CCI) had permitted the merger of Haldiram Snacks and Haldiram Meals into Haldiram Snacks Meals. The Delhi-based Haldiram Snacks would personal 56 per cent stake in Haldiram Snacks Meals whereas the Nagpur entity would personal 44 per cent. The Delhi unit refused to touch upon the stake sale, whereas the Nagpur entity denied it.
The report had additionally mentioned Haldiram’s can also be in talks with non-public funding agency Bain Capital concerning the sale of 10 per cent stake within the firm.
Haldiram’s reportedly has 13 per cent share of India’s $6.2 billion savoury snack market.
