Haldiram has entered into an agreement with Temasek as part of which the Singapore — headquartered global investment firm will “acquire an equity stake from the existing shareholders” of India’s largest packed snack and sweets company and restaurant operator, according to a statement issued on Sunday.
It did not disclose details of the deal or the valuation at which Temasek acquired the equity stake, but this is the first official confirmation of the deal from Haldiram.
According to industry sources, Temasek is acquiring a minority 10 per cent stake in Haldiram Snacks Food at a valuation of USD 10 billion (around `85,000 crore), which is considered to be the largest for the Indian packed food industry.
“Haldirams, the renowned Indian multinational snacks and sweets company, has entered an agreement with Singapore-headquartered global investment firm Temasek. The agreement will see Temasek acquire an equity stake from the existing shareholders of Haldirams,” the statement said. This transaction “is subject to customary regulatory approvals, (and) is expected to close soon”, it said.
After completion, the deal will help Haldirams continue its expansion plans in domestic and international markets, enhancing its presence in a competitive market, the statement said.
Commenting on the development, a Haldirams group spokesperson said, “We are thrilled to welcome Temasek as an investor and partner in Haldirams. We look forward to working with them to harness the value they bring from their experience in the consumer space to accelerate our growth and strengthen our ability to meet evolving consumer demands.” PwC investment banking team acted as the exclusive financial advisor to the transaction. Some media reports are suggesting that the promoters of Haldiram Snacks Food will divest another 6 per cent stake in Alpha Wave Global.
Several PE firms, including Blackstone, Alpha Wave Global, and Bain Capital-led consortiums, were in the race to pick up a stake in Haldiram Snacks Food.
Haldiram Snacks Food is the combined business of the Haldiram family — Delhi and Nagpur.
Earlier, the National Company Law Tribunal had approved the process of the merger of the two sides and other regulatory approvals are awaited.
Established in 1937 as a retail sweets and namkeen shop in Bikaner, Rajasthan, by Ganga Bhishen Agarwal, Haldiram products are now sold in over 80 countries.
In 2022, it was announced that the packaged snacks businesses of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International would be first demerged and then merged into an entity named Haldiram Snacks Food.
