At Least 10 PE Suitors Circle Balaji Wafers for 10% Stake

Gujarat-based Balaji Wafers is in talks with at least 10 private equity (PE) firms to sell up to 10 percent of the company at a valuation of about ₹40,000 crore ($4.53 billion), which includes the likes of Abu Dhabi Investment Authority (ADIA), KKR & Co., Kedaara Capital, Bain & Company, Carlyle, TPG, among others, according to people familiar with the matter.

- Sharleen D'Souza & Dev Chatterjee

ChrysCapital, Multiples, TA Associates, L Catterton, Goldman Sachs, and Morgan Stanley have also expressed interest in the asset, one of the above-mentioned sources added. The source said ITC is the only fast-moving consumer goods company that has expressed interest in acquiring a stake in the company. Goldman Sachs, Kedaara, TPG, and Carlyle declined to comment on their interest in acquiring a stake in the snack maker. A spokesperson for ITC said it would not comment on market speculation. A Canadian pension fund has also evinced interest in the asset.

Email queries sent to ADIA, KKR, Bain & Company, ChrysCapital, Multiples, TA Associates, L Catterton, and Morgan Stanley remained unanswered until the time the story went to print.