U.S. private investment firm Bain Capital is in talks to buy Indian ice cream maker Vadilal and also considering taking control of Vadilal Industries and Vadilal Enterprises, which make and market the ice cream, CNBC-TV18 reported on Monday.
Bain Capital is also interested in merging the two Vadilal entities and is valuing Vadilal’s ice cream business at over 30 billion rupees ($363.11 million) the report, citing sources with knowledge of the matter, added.
Vadilal did not immediately respond to a Reuters request for comment, while Bain Capital declined to comment.
Shares of Vadilal Industries soared to its record high, rising as much as 18.6% after the report.
Vadilal Industries manufactures the ice cream, while Vadilal Enterprises takes care of the marketing and distribution of its products.