General Mills, ITC and PE Giants Eye 10% Stake in Balaji Wafers

Gujarat-based Balaji Wafers, a leader in potato chips and namkeen in western India, is considering selling a small stake of about 10%. As per news reports, US food giant General Mills has joined ITC, PepsiCo, and several global private equity (PE) firms in talks to acquire this slice of the business.

The Virani family, founders of Balaji Wafers, plan to route the funds raised into a family trust rather than company operations.

IPO on the Horizon

Balaji Wafers is also preparing for a possible initial public offering (IPO). The company aims to bring in strategic partners who can provide expertise to help expand its reach across India.

Strong Business Growth

Founded in 1982 as a small supplier in Rajkot, Balaji now earns over ₹6,500 crore in annual revenue and nearly ₹1,000 crore in net profit. It commands around 65% of the organised snack market in Gujarat, Maharashtra, and Rajasthan, ranking third in India after Haldiram’s and PepsiCo.

Private Equity Firms in the Race

Nearly 10 top PE investors, including ADIA, KKR, Carlyle, Bain, TPG, ChrysCapital, Multiples, and Goldman Sachs, are reportedly in discussions. The stake sale could value Balaji Wafers at around ₹40,000 crore.

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India’s Snack Market Boom

The Indian packaged food industry, worth $121 billion in 2024, is expected to nearly double by 2033. For General Mills, which has a limited presence in India, a Balaji partnership could open doors to the fast-growing ₹45,000 crore savoury snack segment.

Conclusion

Balaji Wafers’ possible stake sale has drawn global and domestic giants, with valuations pegged high and IPO plans adding to the buzz. The deal could reshape India’s snacking market while giving investors a bite of one of the fastest-growing FMCG stories.

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