Tata Consumer Products shares were up 4 percent on September 6 after reports of its bid to acquire Indian snack major Haldirams. “Tata Group’s consumer unit is in talks to buy at least 51 percent of popular Indian snack food maker Haldiram’s,” a Reuters report said citing sources.
“However the company is not comfortable with the USD 10 billion valuation sought. If successfully concluded, a deal would see the Indian conglomerate directly compete with Pepsi and billionaire Mukesh Ambani’s Reliance Retail,” the report said, which Moneycontrol couldn’t independently verify.
In order to buy a stake in the snack-maker, Tata Consumer Products is also in talks with asset managers like Bain Capital.
However, Haldiram’s has denied the report on stake sale. “We deny the report on stake sale. Also, we are not in talks with Tata Consumer Products,” it said to CNBC TV-18.