Tata Group's consumer unit, Tata Consumer Products, today informed that it is not in any negotiations with the Indian snack maker Haldiram's for stake acquisition.
On the other hand, Haldiram's also denied the media reports that stated the company is in talks with Tata's consumer unit for stake sale.
"We categorically deny reports of a 51% stake sale... we are not engaged in any discussions with Tata Consumer Products," the snack maker said.
The development comes in response to the Reuters report that stated Tata Consumer Products is engaging with Haldiram's to acquire at least a 51% stake in the snack maker. However, Tata is hesitating as Haldiram's demanded a $10 billion valuation, the report said.
"This is in reference to the news article captioned " India’s Tata seeks control of Haldiram’s, snack maker wants $10 billion valuation" which appeared in www.reuters.com on September 6, 2023 and the clarification sought by the National Stock Exchange of India Limited (“NSE”) and Bombay Stock Exchange Limited (“BSE”) on this news item
Here's what Tata Consumer Products informed in an exchange filing:
(a) Whether such negotiations/events were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order from the start of negotiations/events till date.
Ans: The Company is not in negotiations as reported in the above-referred news article.
(b) Whether you/company are aware of any information that has not been announced to the Exchanges which could explain the movement in the trading, if any? Further, you are advised to provide the said information and the reasons for not disclosing the same to the Exchange earlier as required under regulation 30 of the SEBI (LODR) Regulations, 2015.
Ans: We are not aware of any information that has not been announced to the Exchanges, which requires disclosures under Regulation 30 of the SEBI (LODR) Regulations, 2015.
Haldiram’s was founded in 1937 by Shivkisan Agrawal in Nagpur. Since then, the company transformed itself into a multinational sweets, snacks and restaurant company. In addition to the Indian market, it sells its products in international markets like the United States and Singapore.