Swedish private equity firm EQT Partners, Emami and Balaji Wafers have joined the race to acquire DFM Foods, the maker of Crax snacks, joining ITC, TPG Capital and ChrysCapital in the proposed transaction.
Advent International, which holds a 96.63% stake in the Noida-based snack maker, began the sale process in July, seven years after acquiring the company. Non-binding bids are expected by the end of October, with the transaction likely to be completed by December.
The deal could value DFM Foods at around Rs 5,000-5,500 crore, according to people familiar with the matter.
Balaji Wafers founder and managing director Chandu Virani confirmed that the company is exploring the acquisition of DFM Foods.
Advent acquired a majority stake in DFM Foods from WestBridge Capital in 2019 for $118.8 million and subsequently delisted the company in January 2023. Avendus Capital and EY have been appointed to advise on the sale process.
DFM Foods reported net sales of Rs. 916 crore in FY26, up from Rs 705.8 crore in the previous financial year, according to regulatory filings.
DFM Foods, established in 1984, manufactures potato chips, namkeens and millet-based snacks under brands including Crax, Curls, Fritts and Natkhat.
The interest from packaged-food companies comes as competition in India’s snacks market intensifies, with regional, hyper-local and digital-first brands gaining ground alongside established players.
Emami entered the packaged snacks segment in August through its group company Emami Agrotech with the launch of WeMe. ITC has an established presence in snacks through brands including Bingo, while also operating in adjacent categories.
The proposed DFM Foods transaction comes amid a more selective investment environment in India’s consumer sector, with investors increasingly focusing on food processing and other consumption-led businesses with growth potential.