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Investing.com-- General Mills Inc (NYSE:GIS) is in talks to buy a stake in Indian snack giant Balaji Wafers, the Economic Times reported on Thursday, with the American food brand joining a host of other suitors for the firm.
General Mills has approached Balaji’s founders for a deal to take a majority stake in the Indian firm, ET reported, citing two people with direct knowledge of the discussions. The company now joins the ranks of PepsiCo Inc (NASDAQ:PEP), ITC Ltd (NSE:ITC), and several private equity companies seeking a stake in one of India’s biggest snack brands.
Balaji founder Chandu Virani, told ET that the stake sale was to bring in professional management. Virani also said that Balaji was considering an initial public offering.
Balaji is considering selling a stake at an estimated valuation of 40,000 crore rupees ($4.55 billion), ET reported. The company has annual sales of about 6,500 crore rupees, and a net profit of nearly 1,000 crore rupees in 2024-2025.
General Mills currently has a limited presence in India through its Pillsbury-branded flour and baking items. But a stake in Balaji could give the company access to India’s highly lucrative savory snack market.