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 "Bikaji")
Haldiram’s itself was in talks to accumulate a majority stake in peer Prataap Snacks in January | Photograph: Shutterstock
Indian snacks maker Bikaji Meals is “not on the market” and is as an alternative on the prowl itself, aiming to money in on the rising urge for food for savoury manufacturers on the earth’s most populous nation, a prime govt advised Reuters.
The Indian savoury snacks sector has ballooned in recent times as customers splurge on packaged meals.
“Bikaji isn’t on the market. No matter value somebody gives, there are particular issues that aren’t on the market,” Chief Working Officer Manoj Verma stated earlier this month, with out disclosing whether or not the corporate has acquired buyout gives.
His feedback got here after India’s Tata Group and a consortium together with Blackstone and Singapore’s GIC held acquisition talks with market chief Haldiram’s.
Shares in Bikaji, which is majority-owned by founder Shiv Ratan Agarwal and his household, have gained round 67 per cent to worth the corporate at $2.55 billion since Reuters reported on investor curiosity in Haldiram’s final September.
Haldiram’s itself was in talks to accumulate a majority stake in peer Prataap Snacks in January.
“Abruptly, this has turn into a sizzling area,” Verma stated, including that he expects the entry of heavyweight buyers to make the market extra aggressive and gas additional development.
Reuters reported in Might that talks between Tata and Haldiram’s had ended, whereas it’s not instantly clear if different deal talks are nonetheless ongoing.
Bikaji, which lately purchased stakes in Bhujialalji and Ariba Meals, goals to make extra acquisitions provided that they may assist increase distribution or increase its presence within the frozen-food market, he stated, including that it has a price range of Rs 100 crore to Rs 150 crore (round $12 million-$18 million) for the best goal.
The snacks maker, which brokerage Anand Rathi stated is the third largest Indian snacks model behind Haldiram’s and Balaji, is extra centered on increasing its market share by 50 foundation factors yearly from 9 per cent at present.
Verma expects Bikaji’s income to rise 16 per cent-17 per cent within the present fiscal yr from Rs 2,329 crore within the yr ended March 31.
(Solely the headline and movie of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)
First Printed: Aug 28 2024 | 11:16 AM IST
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