Competition to buy stake in Haldiram spread across 80 countries, valuation of Rs 85,000 crore, now these 2 new investors have come
Haldiram Snacks Food, the country’s leading food brand selling sweets and other food items, on Monday confirmed the sale of its stake to two new investors IHC (International Holding Company) and Alpha Wave Global. However, the details of the deal were not disclosed in the statement. The announcement comes a day after Haldiram confirmed the acquisition of a minority stake by Singapore-based global investment company Temasek. The details of this deal have also not been disclosed. Haldiram said in the statement that the company is happy to announce the addition of two new investors, IHC (International Holding Company) and Alpha Wave Global, to its ongoing equity round following Temasek’s recent participation. This strategic move further strengthens Haldiram’s financial position as it will accelerate its expansion plans globally, especially in the US and West Asia.
Sale at a valuation of Rs 85,000 crore
According to the statement, this investment reflects the commitment of Alpha Wave Global and IHC to support a leading company with a strong consumer brand. According to industry sources, IHC and Alpha Wave are collectively acquiring about six per cent stake in Haldiram Snacks Food at a valuation of $10 billion (about Rs 85,000 crore). It is believed to be the largest valuation for an Indian ‘packaged’ food industry. Alpha Wave is a global investment company focused on three main areas private equity, private debt and public markets, while IHC of the United Arab Emirates (UAE) is among the largest investment companies in the world. In this regard, a Haldiram Group spokesperson said that this partnership is in line with the capital and long-term plans for Haldiram’s growth plans. With this partnership, we are well positioned to enhance our product offering, expand our operations and advance our mission to make Haldiram a household name in West Asia and other international geographies.
Proud to be a shareholder and partner
Alpha Wave Global co-founder and chairman Rick Gerson said that we are proud to be a shareholder and partner in Haldiram’s growth phase domestically and internationally. At the same time, we will maintain the superior services and happiness that have been given to customers for almost a century. IHC Chief Executive Officer (CEO) Syed Basar Shuaib said, this investment is in line with Alpha Wave and IHC’s strategy to support leading companies that make a global impact. We look forward to working closely with Haldiram to promote innovation and expand our market presence. PwC investment banking team acted as advisor for the transaction and Khaitan & Co. as legal counsel.
Haldiram was founded in 1937
Several private equity companies, including Blackstone, Alpha Wave Global and Bain Capital-led group, were in the race to take stake in Haldiram Snacks Food. Haldiram Snacks Food is a joint business of Haldiram family – Delhi and Nagpur. Earlier, the National Company Law Tribunal had approved the merger process of both the parties and other regulatory approvals are awaited. Ganga Bhishan Agarwal founded it in 1937 as a retail sweets and namkeen shop in Bikaner, Rajasthan. Today Haldiram’s products are sold in more than 80 countries. It is noteworthy that in 2022 it was announced that the packaged snacks businesses of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International would first be separated and then merged into a unit called Haldiram Snacks Food.
