Tata Consumer refutes claims of picking up 51% stake in Haldiram’s

7 Sep 2023 , 11:30 AM

Tata Consumer Products Ltd, the Tata Group’s consumer unit, has refuted a claim by news agencies that it is in talks to buy at least 51% of iconic Indian snack food company Haldiram’s but is not happy with the $10 billion valuation requested.

Tata Consumer Products mentioned in a regulatory filing that it was referring to the news report titled ‘India’s Tata seeks control of Haldiram’s, snack maker wants $10 billion valuation’ published on www.reuters.com on September 6, 2023.

If the deal is completed, the Indian giant will compete directly with Pepsi and billionaire Mukesh Ambani’s Reliance Retail, claimed the reports.

The company stated in its answers to the questions asked by the bourses:

Whether such negotiations/events were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order from the start of negotiations/events till date. The company answered that it is not in negotiations with Haldiram’s, as referred to in the news article.

It further clarified that it is not aware of any information that has not been announced to the Exchanges that require disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015.

Following this development, Tata Consumer’s stock fell 2.38% to Rs 857.95, against the previous close of Rs 878.90 on NSE.

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