Blackstone has exited discussions to acquire a minority stake in Haldiram’s, one of India’s leading snack brands, over differences in valuation, according to a report by Reuters citing unnamed sources familiar with the matter.
Temasek remains in contention for the minority stake, per another source.
Blackstone spent seven months on the deal but has now fully withdrawn from negotiations.
The investment firm initially sought a majority stake but later agreed to a minority position, yet valuation disagreements proved to be a sticking point.
Blackstone sought a 15% stake at a valuation of $8bn while aiming for a long-term partnership with Haldiram’s management.
Haldiram’s, however, insisted on a $10bn valuation and preferred Blackstone as a purely financial investor rather than a strategic partner.
There was also a disconnect over IPO timelines – Blackstone wanted a public listing within three years, while Haldiram’s was pushing for five years.
Haldiram’s, which started as a small shop in Bikaner, Rajasthan, in 1937, has grown into one of India’s largest snack brands. Euromonitor International estimates that it holds a 13% share of the country’s $6.2bn savoury snacks market.
