Tata Consumer Products Seeks Control Of Haldiram’s, Wants To Acquire 51% Stake: Source

According to Reuters, Tata Group's consumer unit is in talks to buy at least 51% of popular Indian snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said.

If successfully concluded, a deal would see the Indian conglomerate directly compete with Pepsi (PEP.O) and billionaire Mukesh Ambani's Reliance Retail.

According to Reuters, Haldiram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10% stake, they said.

Tata Group's consumer unit is in talks to buy at least 51% of popular Indian snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said, reports Reuters.

If successfully concluded, a deal would see the Indian conglomerate directly compete with Pepsi (PEP.O) and billionaire Mukesh Ambani's Reliance Retail.

As per Reuters, Haldiram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10% stake, they said.

The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company. Haldiram's is huge in the consumer space and has a wide market share."

The sources spoke on condition of anonymity, according to Reuters.

A spokesperson for Tata Consumer Products said it "does not comment on market speculation". Haldiram's Chief Executive Krishan Kumar Chutani and Bain declined to comment.