Haldiram's has responded to the reports about the buyout by Tata Group. Photo: Reuters
A recent report by Reuters dated September 6 claimed that popular snack brand Haldiram's was apparently in talks with investors to sell a stake in the company. Tata Group's consumer unit was said to be one of the interested parties seeking to buy about 51% stake in the company, which Haldiram's valued at $10 billion. However, a new statement by Haldiram's has refuted the claims of the takeover made by the report.
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The Tata Consumer Products group has multiple products under its belt already. Photo: Facebook.
Haldiram's is a well-known food brand known for its sweets and savouries. The brand started in 1937 and is now a household name. Bhujia, namkeen, mithai, ghevar and laddoos are some of the popular items sold at Haldiram's outlets. Those who frequently visit the stores would be aware that they have also forayed into the Quick-Service Restaurant (QSR) segment by serving hot dishes and freshly prepared snacks. According to Euromonitor International, Haldiram's has nearly a 13% share in India's snack market which is almost equal to Lay's chips.
Haldiram's management has stated that they are not in a discussion with Tata Group about a takeover. "We categorically deny recent reports of a 51% stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products," read a statement by Haldiram's.
Meanwhile, the report set off a discussion on social media and the shares of Tata Consumer Products surged before closing at a high. Interestingly, Tata already owns UK-based tea company Tetley and also has a partnership with Starbucks in India.