Sweets and snacks major Haldiram has joined the race to acquire Kwality Dairy, which is facing a which is facing insolvency proceedings, reported The Economic Times quoting sources.

The bidders for Kwality also include TPG Capital, Aion affiliate Arcion Revitalisation, IndiaRF — a joint venture of Piramal Enterprises and Bain Capital Credit — and JK Group’s LVP Foods, the daily said, adding that the bids have been submitted to Shailendra Ajmera of EY, who is the resolution professional for Kwality Dairy.

"The resolution plan has to be submitted by May 15 and the total financial creditor claim submitted is Rs 2,100 crore,” an official was quoted as saying in the report.

Last year, private equity firm KKR, which invested Rs 520 crore in 2016 to finance Kwality Dairy’s plans to enter the consumer segment, started bankruptcy proceedings, the report added.

First Published:Apr 18, 2019 8:59 AM IST