Blackstone Exits Race For Haldiram’s Stake Over Valuation Disputes

India-West News Desk
NEW DELHI – Private equity firm Blackstone has withdrawn from negotiations to acquire a minority stake in India’s Haldiram’s, citing concerns over the valuation. Rival bidder Temasek remains in contention for the stake in the popular snacks business.

After spending seven months on the deal, Blackstone made the decision to end talks, with one source confirming to Reuters that there would be “no turning back.” Haldiram’s, which holds a near 13% share of India’s $6.2 billion savory snacks market, also operates restaurants across the country.

Valuation has been a key issue in the discussions between the two parties. Initially, Blackstone sought a majority stake but later agreed to pursue a smaller share. The firm was interested in acquiring about 15% of Haldiram’s at a valuation of $8 billion. However, the Indian company was only willing to bring Blackstone in as a financial investor, insisting on a higher valuation of $10 billion, Reuters said.

Another point of contention was the timeline for a potential IPO. Blackstone aimed to push for an initial public offering within three years of investment, while Haldiram’s pushed for a five-year period.