Balaji Wafers Gains Attention from General Mills, ITC, and PepsiCo

Balaji Wafers, the renowned snack maker from Rajkot, Gujarat, has captured global interest as it considers selling a 10% minority stake. The company, known for dominating the potato chips and namkeen market in western India, is attracting major players such as U.S.-based General Mills, Indian conglomerate ITC Ltd, and global snack leader PepsiCo, along with several private equity firms. The promoters have clarified that any funds raised from the stake sale would go into a family trust, rather than funding day-to-day operations.

Balaji Wafers’ Financial Growth and Market Position

Founded by the Virani family over four decades ago, Balaji Wafers has grown from a small local supplier into one of India’s largest snack companies. In the last financial year, the company reported revenues of over ₹6,500 crore and a net profit close to ₹1,000 crore. It holds a dominant 65% share in the organized snack markets of Gujarat, Maharashtra, and Rajasthan, making it the third-largest salty snack player in India, following Haldiram’s and PepsiCo. The company’s strong market position has made it an attractive investment option for both global and domestic firms.

Balaji Wafers Plans Strategic Stake Sale

The Virani family is currently exploring the sale of only around 10% of the company. The decision is aimed at bringing in professional expertise rather than capital for daily operations. Any funds raised are planned to be placed into a family trust. Additionally, the company is preparing for a potential initial public offering (IPO) in the coming years, with the goal of expanding nationally and bringing strategic investors who can help scale operations. Also Read: Department of Posts and BSNL Sign MoU to Expand Strong Mobile Connectivity: Sept 2025

Balaji Wafers Attracts Intense Competition

The minority stake in Balaji Wafers has already drawn significant attention. U.S.-based General Mills, owner of well-known brands like Pillsbury and Betty Crocker, has approached the promoters with an interest in acquiring a substantial minority share. Alongside General Mills, ITC Ltd, PepsiCo, and several private equity funds are in the race. The estimated valuation of Balaji Wafers is around ₹40,000 crore (approximately $4.5 billion), making it one of the most sought-after investments in India’s snack industry.

Balaji Wafers’ Role in India’s Growing Snack Industry

The interest in Balaji Wafers highlights the rapid transformation of India’s snack sector. Once dominated by regional brands, the industry is now attracting global investors due to urbanization, changing consumer preferences, and the growth of organized retail. Companies like Balaji Wafers are seen as prime opportunities to tap into a market that is witnessing significant expansion and rising demand.

 

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Conclusion

Balaji Wafers’ strategic stake sale and future IPO plans demonstrate its ambition to grow beyond regional dominance and strengthen its position nationally. With global giants like General Mills and domestic leaders such as ITC and PepsiCo showing interest, Balaji Wafers is poised to play a pivotal role in shaping the future of India’s snack market. The coming years are likely to see the company evolve further, potentially becoming a major national brand.