DFM Foods sale: EQT, Emami, Balaji Wafers join ITC, TPG in ₹5,500 crore race

New Delhi | Mumbai: Swedish private equity firm EQT Partners, Emami Ltd and Balaji Wafers have joined the fray to acquire Crax snacks owner DFM Foods, competing alongside other strategic and private equity suitors such as ITC, ChrysCapital and TPG, according to people with direct knowledge of the development.

Talks are in early stages and non-binding bids for the deal are expected by the end of October. Advent International, which started the process to sell its entire 96.63% holding in Noida-based DFM Foods in July, seven years after acquiring the stake, expects to close the sale process by December. The potential deal is likely at a valuation of ₹5,000-5,500 crore, said one of the persons, who did not wish to be identified.

The development comes at a time when hyper-local and online-only rivals are chipping away at the market share of large snack makers such as PepsiCo, Parle and ITC Foods.


"We are exploring the possibility of buying into DFM Foods," Balaji Wafers' founder and managing director Chandu Virani said, confirming the negotiations.

If finalised, the deal will come months after US private equity firm General Atlantic acquired a 7% stake in Balaji Wafers for ₹2,500 crore in January at a valuation of ₹35,000 crore.

Queries emailed to Emami, ITC, Advent International, TPG and ChrysCapital remained unanswered until press time. EQT's spokesperson declined to comment.

Advent International-which acquired a majority stake in DFM Foods from WestBridge Capital in 2019 for $118.8 million and later delisted it in January 2023-has mandated Avendus Capital and EY for the deal.

DFM Foods reported net sales of ₹916 crore for 2025-26, regulatory filings showed up from ₹705.8 crore in the previous year.

"Both Emami and ITC are present in packaged snacks. Their interest in DFM Foods stems from their aim of capturing the youth segment for snacking, as well as deepening penetration in regional markets," said an industry executive.

Kolkata-headquartered Emami expanded into packaged snacks-stepping beyond its mainstay edible oils, staples and personal care businesses-for the first time in August under its group entity, Emami Agrotech Ltd, with the launch of its WeMe snacking brand. Meanwhile, ITC operates multiple snack brands, including Yoga Bar protein bars, Bingo chips and Right Shift multigrain snacks and breakfast mixes.

DFM Foods, established in 1984, manufactures potato chips, namkeens and millet snacks under brands such as Crax, Curls, Fritts and Natkhat.

India's consumer sector witnessed a decline in deal-making activity during the April-June quarter, with deal volume falling sharply amid a more selective investment environment, according to Grant Thornton Bharat's latest Consumer Dealtracker released in July. However, total deal value remained resilient at $981 million, underscoring continued investor confidence in long-term, consumption-led growth, according to the tracker. It added that investors remained selective, focusing on wellness, personal care, food processing and digital-first consumer brands.

The consumer sector saw 97 deals worth $981 million in the June quarter, a decline of 34% quarter-on-quarter in terms of deal volume and 33% in deal value, as per the tracker.