Haldiram’s Growth Story: A Look into the Latest Investment Race
Haldiram Snacks Food, India’s leading snack and convenience food brand, is at the center of an exciting investment battle. Temasek, a Singapore-based investment giant, is leading discussions to acquire a minority stake worth over $1 billion. The move follows Bain Capital’s withdrawal after earlier partnering with Temasek in a joint bid. Alpha Wave Global, backed by Chimera Capital, remains a key contender, adding intrigue to this high-stakes race.
The Aggarwal family, founders of the 87-year-old Haldiram empire, are exploring options to sell a minority stake while retaining control. The company operates in over 100 countries and boasts a product portfolio of 500 items, including namkeen, sweets, cookies, ready-to-eat meals, and beverages. With annual revenues of ₹12,800 crore and profits of ₹1,400 crore in FY24, Haldiram has firmly established itself as a global brand. Its strategic ventures include sub-brands like Minute Khana, Cup Shup, and Cocobay chocolates, as well as acquisitions of Babaji Namkeen and Atop Foods.
In this competitive bidding process, Blackstone’s offer has faced resistance from the Haldiram promoters due to clauses involving joint management control and key executive appointments. Meanwhile, Temasek’s independent pursuit underscores its commitment to aligning with the company’s long-term goals. Alpha Wave Global’s surprise entry has added further dynamism to the negotiations.
As the Aggarwal family navigates potential deals, their focus remains on maintaining the legacy of Haldiram while embracing modern business strategies. The merger of its Delhi and Nagpur factions, approved by the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI), signals an era of streamlined operations.
Haldiram’s diversification into chocolates, retail supermarkets, and quick-commerce platforms highlights its ambition to compete with giants like Britannia and Mondelez. With a robust vision and professional leadership in place, the company continues to attract global investors aiming to be part of its success story.
A decision on the investment is expected by the end of the month, with potential for co-investors or multiple stakeholders. Haldiram’s evolution from a family-run business to a professional, global entity exemplifies resilience, innovation, and a commitment to quality.
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