Tata Consumer Products, Haldiram’s say no negotiations on stake purchase
"The company is not in negotiations as reported" to acquire Haldiram's," TCPL said in a regulatory filing.
New Delhi: Tata Consumer Products Ltd (TCPL) and Halidram’s on Wednesday said there were no negotiations going on acquiring a 51 per cent stake in the leading snacks maker and restaurant operator.
According to reports, the Tata Group’s FMCG arm is in talks with Haldiram’s to buy a majority stake, but not comfortable with a high enterprise value.
Haldiram’s is a leading snacks maker and restaurant operator.
“The company is not in negotiations as reported” to acquire Haldiram’s,” TCPL said in a regulatory filing.
The filing was in response to a clarification sought by the NSE and the BSE regarding the reports.
“Tata Consumer Products does not comment on market speculation,” a company spokesperson said earlier in the day.
When contacted, Haldiram’s management declined to comment on the matter.
Later issuing a statement, Halidram’s said: “We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products.” TCPL owns brands such as Tata Salt, Tata Tea, Tetley, Tata Coffee, Tata Soulfull and Eight O’clock in the tea, coffee and beverages segment and Himalayan, Gluco+ in the liquid beverages.
The company is also expanding in the foods and beverages sector.