With General Atlantic’s investment, Balaji Wafers will focus on further strengthening key corporate functions across the company and accelerating innovation
The Competition Commission of India (CCI) has approved the acquisition of certain shareholding in Balaji Wafers by General Atlantic Singapore BWP. This clears the company to acquire shares on a fully diluted basis from the existing shareholders of Balaji Wafers as part of the proposed combination.
CCI said that General Atlantic is an investment holding company incorporated under the laws of Singapore. GASBWP is affiliated with a group of General Atlantic investment funds that provides capital and strategic support to growing businesses across global sectors – technology, healthcare and life sciences, financial services, consumer, climate and sustainable infrastructure, infrastructure and real estate. Its objective is to hold long-term investments in its portfolio companies.
“Balaji Wafers is an Indian snack food manufacturing company engaged in the business of manufacturing and selling packaged foods, including salted snacks, non-salted snacks, biscuits, ready-to-eat foods, and condiments. It supplies its products through a wide network of distributors and retailers across India, with a particularly strong presence in western and central India,” the commission noted.
With General Atlantic’s investment, Balaji Wafers will focus on further strengthening key corporate functions across the company and accelerating innovation. Drawing on General Atlantic’s global expertise in the food and consumer sectors, the company plans to accelerate its expansion across India.
“General Atlantic’s deep understanding of consumer businesses, track record of working with founder families and long-term approach to value creation, align well with our vision for Balaji Wafers,” stated Chandubhai Virani, Founder and Chairman, Balaji Wafers.
Intensive Fiscal Services acted as the exclusive advisor to Balaji Wafers. Under the leadership of D K Surana, Intensive Fiscal Services is a leading investment bank in the consumer sector, the official statement highlighted.
