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ITC, PepsiCo, Temasek in race to grab 10% stake in Balaji Wafers
Balaji Wafers, best known for its chips, noodles, and confectionery, has a strong presence in central and western India. The company is reportedly considering divesting about 10% stake at an estimated valuation of nearly Rs 40,000 crore
Balaji Wafers reported a profit of Rs 578.8 crore in FY24, with revenues rising 11% year-on-year to Rs 5,453.7 crore.
FMCG majors are in the race to acquire a 10% stake in Gujarat-based snack maker Balaji Wafers. According to media reports, ITC, PepsiCo, Singapore’s Temasek, and TPG are among the contenders seeking a slice of the fast-growing brand.
Balaji Wafers, best known for its chips, noodles, and confectionery, has a strong presence in central and western India. The company is reportedly considering divesting about 10% stake at an estimated valuation of nearly Rs 40,000 crore.
Temasek’s interest follows its recent investments in Indian food businesses. The Singapore-based fund picked up a 10% stake in Haldiram’s at a $10 billion valuation, and last year invested $210 million in Rebel Foods, the cloud kitchen operator behind Faasos, Oven Story and Behrouz Biryani. Reuters had earlier reported Temasek’s plans to increase exposure to Indian family-owned enterprises.
PepsiCo’s re-entry into the fray comes after more than a decade. In 2013, under then CEO Indra Nooyi, the US FMCG giant had explored a deal with Balaji Wafers but withdrew after promoters resisted its push for majority control.
Balaji Wafers reported a profit of Rs 578.8 crore in FY24, with revenues rising 11% year-on-year to Rs 5,453.7 crore. Founded in 1981 by the Virani family, inspired by a Hanuman temple near their residence, the company has since grown to offer 65-plus products through a network of over 1,225 dealers. By 2019, it had become a dominant player in central and western India.
India’s snacks market, valued at Rs 42,694.9 crore in 2023, is projected to more than double to nearly Rs 95,522 crore by 2032, according to IMARC Group.
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