Bikaji Foods International has sold a 30% stake in its bakery subsidiary, Bikaji Bakes Private Limited (BBPL), to entrepreneur and Bakemart founder Thayekunni Khaleel, as the packaged foods company moves to bring an industry veteran into its baked foods business.
The transaction, completed in tranches, means BBPL is no longer a wholly owned subsidiary of Bikaji Foods. However, Bikaji Foods will retain a 70% controlling stake, with BBPL continuing to operate as a subsidiary.
Khaleel, an industry veteran and entrepreneur, founded bakery brand Bakemart. According to Bikaji Foods, he is not part of the company’s promoter group, promoter group entities or any group of companies.
The strategic investment brings Khaleel into Bikaji’s baked foods business at a time when the company is expanding beyond its traditional snacks portfolio.
Following the announcement, shares of Bikaji Foods International gained 2.75% to Rs 616.30 during trading on Wednesday, reflecting a positive investor response to the transaction.
The deal allows Bikaji Foods to retain majority ownership and control of BBPL while bringing an experienced bakery entrepreneur into the subsidiary’s business.
For Bikaji Foods, the partnership could provide additional industry expertise as it looks to strengthen its presence in the rapidly evolving bakery and packaged foods segment.