Haldiram Bhujiawala Ltd. purchased a majority stake in Pan India Food Solutions Pvt. Ltd. from private equity firm Everstone Capital for an undisclosed sum, The Economic Times of India reported, citing Haldiram CEO Manish Agarwal.
As part of the deal, Haldiram acquired The Coffee Bean & Tea Leaf India franchise and the Gelato Italiano brand.
The company bought the franchise in a transaction that cost it less than 1.00 billion Indian rupees, the publication added, citing two people briefed on the matter.
Everstone did not respond to an email seeking comment on the matter, the publication added.
As of Aug. 22, US$1 was equivalent to Indian 71.93 rupees.
