Tata Consumer Products has brushed off a report the group was in talks to buy a majority stake in Indian peer Haldiram’s.
Reuters had reported discussions were taking place over a deal for 51% of Haldiram’s, a household name in India’s snack foods market.
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However, in response to a request from more information from the Bombay Stock Exchange, Tata Consumer Products denied talks were being held.
“The company is not in negotiations as reported [by Reuters],” Tata Consumer Products said in a stock-exchange filing.
“We would like to add that the company evaluates various strategic opportunities for growth and expansion of the business of the company on an ongoing basis.”
Tata Consumer Products, home to brands including Tata Soulfull and Tetley Tea, said it would “make appropriate announcements” in compliance with its listing obligations.
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By GlobalDataIn July, the company reported a 12% in second-quarter revenue to Rs37.41bn. The growth contributed to a 22% increase in net profit to Rs3.38bn.
“We will stay focused on driving profitable growth while making consistent progress in our transformation journey towards becoming a leading FMCG company,” MD and CEO Sunil D’Souza said at the time.
