ITC, Temasek among dozen cos in race for 10% in Balaji Wafers

New Delhi: Over a dozen firms, including leading private equity firms, are in the fray to acquire a 10-15% stake in Balaji Wafers, where the promoters are diluting their stake, industry sources said.PE firms, including Temasek, which recently acquired a 10% stake in Haldiram, along with TPG, ADIA (Abu Dhabi Investment Authority) and some 10 other VC/ PE names, are in discussion with the promoters to acquire a minority stake in Balaji Wafers.Besides FMCG companies, ITC Foods is also in the race to acquire a stake in Gujarat-based Balaji Wafers, which has a strong presence in the chips, namkeen and confectionery products in central and western India.The company's valuation is around $3.5-4 billion, but the promoters are expecting around $5 billion in valuation, sources said.ITC Foods, part of multi-conglomerate ITC, could be the likely suitor, they added.Balaji Wafers was founded by Virani brothers who started by selling prepackaged snacks at a cinema canteen in the 1970s. They later started making their own potato wafers and namkeen snacks at home, eventually growing their business into a major Indian snack company.

The brand name Balaji was inspired by a Hanuman Temple near their residence.The company, which has 65-plus product SKUs and nearly 1,300 dealers, had crossed Rs 5,000 crore in revenue in 2023. According to reports, in FY24, Balaji Wafers' revenue was Rs 5,454 crore, and it had reported a profit of Rs 579 crore. agencies