Biscuit maker Anmol restarts funding talks

The company plans to raise $150-200 million by selling a minority stake

- Priyamvada C & Sneha Shah

Kolkata-based Anmol Industries Ltd (AIL), which makes biscuits, cakes, cookies and rusks, has restarted discussions to sell a minority stake to raise $150-200 million, according to multiple people familiar with the matter.

The company has appointed PwC to help scout for investors, they said.

“The promoters will look to dilute about 20-25% stake in the company. The deal will value the overall asset at about $900 million to $1 billion, and the founders are planning to list the company in three to five years,” one of the people cited above said.

In the past, the company made several attempts to raise funds and even attempted a public listing, for which it received regulatory approval in 2018.

The fresh fundraising will give Anmol the necessary boost to double down in its existing geographies and expand beyond northern and eastern India, a second person said, on the condition of anonymity.