Shillong, September 6: Tata Consumer has officially refuted claims of engaging in discussions to gain control of snack manufacturer Haldiram’s. In a statement, Tata Consumer clarified that no negotiations with Haldiram’s have taken place, contrary to media reports.
As per IANS, the company asserted, “We are not aware of any undisclosed information that necessitates disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015.” Tata Consumer emphasized its continuous assessment of strategic growth opportunities and pledged to make appropriate announcements in compliance with SEBI (LODR) Regulations, 2015, when required.
Tata Consumer’s stock price surged by 4 percent to Rs 879 on BSE following this clarification.
Previous media reports had suggested that Tata Group’s consumer division was in discussions to acquire a minimum of 51 percent of Haldiram’s, a well-known Indian snack food producer. However, they expressed reluctance regarding the $10 billion valuation sought by Haldiram’s. Additionally, Haldiram’s was reportedly in talks with private equity firms, including Bain Capital, about selling a 10 percent stake.
Tata Consumer Products, known for owning the UK tea company Tetley and holding a partnership with Starbucks in India, was reportedly negotiating the stake acquisition. According to Euromonitor International, Haldiram’s commands nearly 13 percent of India’s $6.2 billion savory snack market, while Pepsi, renowned for Lay’s chips, also holds a similar market share of around 13 percent.