Tata Consumer Products Ltd. on Wednesday said it is not in negotiations with Haldiram's to acquire a 51% stake in the company.
According to reports, the Tata Group's FMCG arm is in talks with Haldiram's to buy a majority stake, but not comfortable with a high enterprise value.
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Haldiram's is a leading snacks maker and restaurant operator.
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"The company is not in negotiations as reported" to acquire Haldiram's, TCPL said in a regulatory filing.
The filing was in response to a clarification sought by the NSE and the BSE regarding the reports.
"Tata Consumer Products does not comment on market speculation," a company spokesperson said earlier in the day.
When contacted, Haldiram management declined to comment on the matter.
TCPL owns brands such as Tata Salt, Tata Tea, Tetley, Tata Coffee, Tata Soulfull and Eight O'clock in the tea, coffee and beverages segment and Himalayan, Gluco+ in the liquid beverages.
The company is also expanding in the foods and beverages sector.
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