India's Balaji Wafers revealed that the 37 year old wafer maker was approached by international and local companies for a stake in their business. The interested parties are said to include international players such as PepsiCo and Mondelez while local firms include Britannia and ITC.

"An FMCG company with presence in this category will seek that we offload majority stake and continue to run the company for at least next five years. They would meanwhile continue to buy out leftover stakes until they understand the business completely. There could (also) be PE partners who would buy 25% stake," Chandu Virani of Balaji Wafers MD confirmed.

Balaji Wafers, produces the savoury and namkeen brands that dominate the western Indian states of Madhya Pradesh, Gujarat, Rajasthan, Goa, and Maharashtra with at least 65% market share.

Balaji's tactic of aggressive selling price and localized flavours coupled with effective distribution ascertained that the company would be able to withstand rigorous competition from bigger rivals like Pepsi, ITC, or Haldiram.