US private equity firm General Atlantic is in the final stages of buying a 7% stake in Balaji Wafers for Rs 2,500 crore (approximately $282 million), valuing the Gujarat-based packaged ethnic snack maker at about Rs 35,000 crore (almost $4 billion), said two people with direct knowledge of the matter. Balaji Wafers founder and managing director Chandu Virani confirmed the negotiations with GA, saying a formal announcement will be made after the transaction is finalised. "It's a done deal from our side," Virani said, adding that a GA team is currently reviewing the agreement. "The dilution is mostly led by our new generation in the family, which wanted to bring in strategic capital and scale up."