Tata Consumer Products Ltd (TCPL) and Halidram’s jointly announced on Wednesday that they are not currently engaged in any discussions regarding the potential acquisition of a 51 percent stake in the prominent snacks maker and restaurant operator.
As per reports, the FMCG division of the Tata Group is currently in negotiations with Haldiram’s to acquire a controlling stake; however, they express reservations about a steep enterprise valuation.
Read More: Tata Group eyes majority control of Haldiram’s in $10 Billion valuation standoff
Haldiram’s stands as a prominent producer of snacks and operator of restaurants.
“The company is not in negotiations as reported” to acquire Haldiram’s,” TCPL said in a regulatory filing.
The submission was made in reply to queries raised by both the NSE and the BSE seeking clarification regarding the reports.
According to a company spokesperson, “Tata Consumer Products does not comment on market speculation.”
Upon reaching out for a response, the management of Haldiram’s opted not to provide any comments on the issue.
Later issuing a statement, Halidram’s said, “We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products.”
TCPL possesses a portfolio of brands that encompasses products like Tata Salt, Tata Tea, Tetley, Tata Coffee, Tata Soulfull, and Eight O’clock within the realm of tea, coffee, and beverages. Additionally, they also offer Himalayan and Gluco+ in the liquid beverages category.
The company is actively pursuing growth and diversification within the foods and beverages sector.
