General Mills in talks to acquire stake in Balaji Wafers, joins race with PepsiCo, ITC, Temasek

U.S. multinational General Mills is reportedly in discussions to acquire a stake in Indian snack brand Balaji Wafers, joining a competitive list of suitors that includes PepsiCo, ITC, and several private equity players, according to The Economic Times.

General Mills—best known for global brands such as Pillsbury and Betty Crocker—has approached the founders of Balaji Wafers with a proposal that could involve a majority stake in the company. However, the promoters are currently only open to divesting around 10%, the report adds.

Founder Chandu Virani confirmed that the next generation of the family is open to bringing in strategic capital to scale up operations. The proposed deal is based on a valuation of nearly ₹40,000 crore, and the process of shortlisting potential buyers is expected to conclude within three months.

Just last week, it was reported that ITC, PepsiCo, Singapore’s Temasek, and TPG were among the frontrunners seeking a slice of the fast-growing regional brand.

Balaji Wafers, widely known for its chips, noodles, and confectionery products, has built a strong footprint across central and western India.

Temasek’s interest aligns with its growing investments in India’s food sector. The Singapore-based sovereign fund recently acquired 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 brands such as Faasos, Oven Story, and Behrouz Biryani. Reuters previously reported that Temasek is actively looking to expand its exposure to family-run Indian businesses.

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