Blackstone in Advanced Talks to Acquire Minority Stake in Haldiram's

A consortium led by Blackstone has emerged as the preferred bidder for a minority stake in Haldiram Snacks, according to people familiar with the matter. The potential deal, which has been in negotiation for months, could see Blackstone teaming up with Singapore's GIC and Abu Dhabi Investment Authority to acquire a 20% stake for approximately $1.6 billion. This transaction would value India's largest snacks maker at around $8 billion.

The discussions are progressing and an agreement could be reached in the coming weeks. Despite the advanced stage of these negotiations, other bidders remain interested in potentially acquiring a stake in Haldiram's. Founded in the 1930s by Ganga Bishan Agarwal, Haldiram's offers a wide range of food products, from sweet and savory snacks to frozen meals and breads, and operates 43 restaurants in and around Delhi.

The owners of Haldiram's have been considering various options for the business, including an IPO and a majority stake sale, with a potential valuation of up to $12 billion. Other potential suitors for a minority stake reportedly include Singapore's Temasek Holdings. Representatives for Blackstone, GIC, Haldiram's, and ADIA have declined to comment on the ongoing considerations.