New Delhi: The race to acquire a minority stake in Haldiram Snacks Food, India’s largest packaged snack and sweets company, has intensified with three firms now vying for a 15-20% share in the iconic brand. Industry sources revealed that private equity firms Blackstone and Bain Capital-led consortia have been joined by Alpha Wave Global, creating a triangular competition.
Alpha Wave Global recently submitted a binding offer exceeding USD 1 billion, stepping up the contest. The Agarwal family, promoters of Haldiram Snacks Food, is expected to finalize a decision by early January 2025. Initially, the promoters planned to sell a larger stake but have now opted to offload only a minority share.
This move is expected to provide a significant cash infusion to support Haldiram’s expansion in domestic and international markets. Sources added that the promoters may also consider launching an IPO in the future to maximize the company’s valuation.
Other contenders include a Blackstone-led consortium involving Singapore’s GIC and Abu Dhabi Investment Authority (ADIA), and Bain Capital in partnership with Temasek.
Haldiram Snacks Food is a unified entity combining the Delhi and Nagpur arms of the Haldiram family. The merger of the two factions was recently approved by the National Company Law Tribunal, though some regulatory approvals are still pending.
Founded in 1937 by Ganga Bhishen Agarwal in Bikaner, Rajasthan, Haldiram has grown from a sweets and namkeen shop to a global powerhouse with products available in over 80 countries. In 2022, the company announced plans to restructure, demerging and merging the businesses into a single entity under the name Haldiram Snacks Food.