Balaji Wafers, a snack manufacturer based in Rajkot, is in discussions with leading private equity (PE) firms to sell up to 10% of its equity, aiming for a valuation of nearly Rs 40,000 crore (approximately US$ 4.53 billion), Business Standard reported, citing sources familiar with the situation.
Founded by the Virani brothers—Chandubhai, Bhikhubhai, and Kanubhai—the company is considering this partial stake sale to support its plans for national expansion. The company’s eight-member board includes the founding Virani brothers, their son Keyur Virani, director Sameer Chadha, and independent members Mihir Virani (another son of Bhikhubhai), Mansukhlal Bhanderi, and Pranay Virani (son of Chandubhai), as reported by Tracxn.
The newspaper further reported that Balaji, still operated by the founding family, is contemplating bringing in professionals to lead its next growth phase. A stock market debut is anticipated, expected to occur within the next five to six years. The company has not responded to Business Standard’s email inquiry regarding this matter.
The source told the newspaper that the recent US$ 10 billion valuation of rival Haldiram has prompted Balaji’s promoters to explore this opportunity. In March 2024, Haldiram secured US$ 1 billion from International Holding Company, Alpha Wave Global, and Temasek in exchange for a 10% stake.
Private equity funds, which have record amounts of capital available for investment, continue to show strong interest in Indian consumer-facing sectors, as well as technology and healthcare. The newspaper quoted a US-based fund manager as saying that they are actively seeking consumer deals, citing the significant availability of ‘dry powder,’ a term used in the industry to describe readily available capital.
Within the listed snacks sector, Prataap Snacks and Bikaji Foods International set market benchmarks. As of last Friday’s market close, Prataap Snacks was valued at Rs 2,379 crore, while Bikaji Foods had a market capitalization of Rs 20,053 crore.
Balaji Wafers, known for producing potato chips, namkeens, and confectionery, dominates markets in western and central India and also exports to the UK, US, and West Asia. For FY24, the company reported revenues of Rs 5,453.7 crore, reflecting a 10.7% year-on-year increase, while profit after tax rose by 41.4% to Rs 578.8 crore, according to data from Capitaline.
According to IMARC research, the packaged food industry in India was valued at US$ 121.3 billion in 2024, and it is projected to grow to US$ 224.8 billion by 2033, expanding at a compound annual growth rate (CAGR) of 6.5%
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Naresh Khanna – 10 February 2025
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