Why did not Virani sell Balaji Wafers to Pepsi for Rs 4000 CR?

In 2013, Pepsi offered to acquire Balaji Wafers for Rs 4000 CR. Balaji offered 25% more quantity at the same price of Lays. Pepsi-owned Lays lost 10% market share and wanted to acquire them. Virani wanted to make it big and denied the offer. Today, Balaji Wafers does Rs 4000 CR in revenue and is 10,000 CR company.