Bikaji Foods, a prominent Indian snack maker, has firmly stated that it is “not for sale” despite growing interest from investors in the rapidly expanding Indian snack market. Chief Operating Officer Manoj Verma made this clear earlier this month, emphasizing the company’s focus on growth rather than acquisition offers.
“Bikaji is not for sale. Whatever price someone offers, there are certain things that are not for sale,” Verma remarked, without confirming whether the company had received any buyout proposals.
This statement follows recent acquisition talks between market leader Haldiram’s and major investors such as India’s Tata Group, Blackstone, and Singapore’s GIC. The Indian savory snacks sector has witnessed significant growth as consumers increasingly indulge in packaged foods, making it a hotbed for investor interest.
Bikaji, majority-owned by its founder Shiv Ratan Agarwal and his family, has seen its shares surge by approximately 67%, valuing the company at $2.55 billion. Despite this, Bikaji is focused on its own expansion strategy, recently acquiring stakes in Bhujialalji and Ariba Foods. The company is also exploring further acquisitions, with a budget of 1 billion to 1.5 billion rupees ($12 million-$18 million), to enhance its distribution network and presence in the frozen food market.
Verma revealed that Bikaji is more interested in increasing its market share, targeting a 50-basis point rise annually from its current 9%. The company expects its revenue to grow by 16%-17% in the current fiscal year, up from 23.29 billion rupees in the previous year.
As the competition in the Indian snack market intensifies, Bikaji remains committed to its independent growth trajectory, aiming to capitalize on the sector’s booming demand.