Both the companies have denied the news reports that stated Tata Consumer Products (TCPL) FMCG arm was in talks with Haldiram’s to buy a majority stake but was not comfortable with a high enterprise value
Tata Consumer Products (TCPL) and Halidram’s on Wednesday said there were no negotiations going on acquiring a 51% stake in the snacks maker and restaurant operator.
According to news reports, the Tata Group’s FMCG arm was in talks with Haldiram’s to buy a majority stake but was not comfortable with a high enterprise value.
“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% 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 food and beverages sector.
