Blackstone may acquire 51% stake in Haldiram’s at 40,000 crore: ‘Issues solved’

Blackstone could get private equity firm control of Haldiram’s product business for which it will get a perpetual licence.

Blackstone Inc is likely to bid around ₹40,000 crore for a 51 percent stake in Haldiram’s, Moneycontrol reported citing people in the know. As per the deal Haldiram's valuation is between ₹70,000 and 78,000 crore and following this, Blackstone could get private equity firm control of Haldiram’s product business for which it will get a perpetual licence, the report added.

A view shows packets of snacks on the shelves inside a Haldiram's restaurant in Mumbai, India. (Reuters)

The deal saw issues like ownership of restaurants and brand licence but now they are said to have been resolved, source in the know told the outlet.

“The deal and valuations were getting stretched on these issues, and now, with the matter brought to a closure, the deal should close soon,” a source said. This means that the Haldiram family would be entitled to an annual royalty from the new owners for using Haldiram’s brand.

As per the report, a spokesperson for Blackstone said the buyout firm “has not re-bid for Haldiram’s (We had submitted an initial proposal in the month of May 2024). The discussion did not move forward because of the valuation mismatch”.

Haldiram’s has been in talks with buyers since September 2023. Earlier this year, Singapore’s Temasek and Bain joined the race to acquire the company.

“Now the talks with Blackstone have reached finality, and at a valuation of ₹78,000 crore for 51 percent, this is the best offer received for the company,” the source said.