Savory Snack manufacturer Balaji Wafers is planning to set up a wafers and namkeen manufacturing unit at Kanagale Industrial Area in Belagavi district of Karnataka, India

Balaji, one of the largest regional potato chips and snacks brands in India, will soon move into the production of French fries and other frozen potato specialty products, according to Chandu Virani, MD of Balaji Wafers.

Rajkot-based Balaji Wafers Private Limited is in process of increasing its production capacity of its plant in Rajkot by 50 percent.

Indian snacks maker Balaji Wafers Private Limited is now preparing to come out with an initial public offering (IPO) to raise fund for its future expansions. The company that was in talks with private equity (PE) funds to sell stake, has dropped the idea of stake sale for now.

Balaji Wafers Pvt. Ltd is in advanced talks with Capital International Private Equity Funds (CIPEF) to sell nearly 15% in the snacks maker according to two people familiar with the development, who did not want to be named.

Food &beverages giant PepsiCo India is believed to have backed out of the race to buy a stake in Rajkot-based Balaji Wafers.

PepsiCo Inc., the world’s largest snack-food maker, is among suitors exploring a bid for India’s Balaji Wafers Pvt as it pushes to sell more chips in developing countries, said two people familiar with the matter.

Indian snack maker Balaji Wafers is in separate talks with private-equity funds, including Blackstone Group and Actis, to raise between $100 million and $125 million.