This company is leading race to acquire Haldiram's, ready to invest Rs 40000 crore...

Blackstone Inc has increased its offer for Haldiram’s potentially setting the stage for the private equity firm’s entry into India’s profitable snacks market.As part of an investor consortium, Blackstone is expected to bid around Rs 40,000 crore for a 51 percent stake in Haldiram’s, Moneycontrol quoted sources familiar with the negotiations. This would value Haldiram's between Rs 70,000 and 78,000 crore. The final offer to Haldiram’s promoters will depend on the results of the due diligence process. This acquisition could give Blackstone control of Haldiram’s product business, with a perpetual licence to use the brand.

Several contentious issues, such as the ownership of restaurants and brand licensing, have reportedly been resolved, the sources said. The Haldiram family will retain brand rights and control over restaurant operations.

"The deal and valuations were being stretched due to these issues, but now that they are resolved, the deal should close soon," said a banker involved in the negotiations.

Under the terms of the sale, the Haldiram family will receive an annual royalty from the new owners for using the Haldiram’s brand.

EY is conducting due diligence on Haldiram’s for Blackstone. The consortium also includes Singapore’s GIC and the Abu Dhabi Investment Authority, with Blackstone holding the majority stake.

In response to inquiries about the deal, a Blackstone spokesperson stated that the firm “has not re-bid for Haldiram’s. We submitted an initial proposal in May 2024, but discussions stalled due to valuation differences.”

Haldiram’s CEO Krishan Kumar Chutani declined to comment.