New Delhi, Sep 6 Tata Consumer has said it is not in negotiations to seek control of snack maker Haldiram’s.
In a clarification, Tata Consumer said it is not in negotiations with the Halidram’s as reported in media reports.
“We are not aware of any information that has not been announced to the Exchanges, which requires disclosures under Regulation 30 of the SEBI (LODR) Regulations, 2015”, Tata Consumer said.
“We would like to add that the Company evaluates various strategic opportunities for growth and expansion of the business of the Company, on an ongoing basis. The Company will make appropriate announcements in compliance with the obligations under SEBI (LODR) Regulations, 2015, as and when any such requirement arises,” it said.
Tata Consumer stock price jumped up 4 per cent to Rs 879 on BSE today.
The media reports had mentioned that Tata Group's consumer unit is in talks to buy at least 51 per cent of popular Indian snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought.
Haldiram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10 per cent stake, the reports had said.
Tata Consumer Products, which owns the UK tea company Tetley and has a partnership with Starbucks in India, is negotiating the stake purchase, the reports said.
Haldiram’s has almost 13 per cent share of India's $6.2 billion savoury snack market, according to Euromonitor International. Pepsi, famous for its Lay's chips, also has around 13 per cent.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor