Inc., the American investment firm, is expected to bid nearly ₹40,000 crore for a 51 per cent stake in the iconic Indian snack brand Haldiram’s, Moneycontrol reported on Monday, July 29, quoting people aware of the matter.

The investment firm has increased its offer for the stake sale at Haldiram’s, which is a move for Blackstone to get into India’s lucrative snacks market, the report said.

The Blackstone deal is going to put Haldiram’s market valuation between ₹70,000 crore and ₹78,000 crore, as per the report. The final offer made to the promoters of the company will be based on the outcome of the due diligence process. The deal will give Blackstone the majority stake, the controlling power and a perpetual licence of Haldiram’s product business, according to the report.

Issues that were holding up the deal, like the ownership of restaurants and the brand licence have been resolved, said the people in the know, quoted in the report. The company’s brand rights and control over the restaurants’ operations will stay with the Agarwal family. 

“The deal and valuations were getting stretched on these issues, and now, with the matter brought to a closure, the deal should close soon,” reported the news website quoting a banker aware of the development.