India’s snacks and confectionery manufacturer Bikanervala Foods has confirmed to just-food it is holding talks about the partial sale of an equity stake, but a final decision has yet to be made.
Manish Aggarwal, director of Bikanervala Foods, told just-food: “We certainly meet them [potential investors] as they are from the industry, but we have not told anyone that we are ready to sell.”
As for who might buy a stake, Aggarwal would not be drawn “on what kind of a company it would be”.
His remarks follow reported comments from company CEO Suresh Goel in India’s Business Line newspaper Bikanervala Foods was seeking “a strategic partner not only to add money but value in areas like sales, marketing, logistics and brand building.”
Goel added multinationals could play a role. “We could also end up selling our products through their distribution channel,” he said. However, he stressed no more than 20% in equity would be sold.
Known for its packaged Bikano brand of snacks and sweets, Bikanervala Foods’ revenue, according to Gurgaon-based research firm Tofler, stood at US$84m in the financial year ending March 2016.