The sweets and savouries maker makes for an ideal investment with its robust financials, scale, and future potential for growth
According to Euromonitor International, Haldiram's has nearly a 13 per cent share in India's snack market; Image: Shutterstock
Reportedly private equity (PE) giants Blackstone Inc, Temasek Holdings Ltd and Bain Capital are looking to buy a controlling stake in sweets-and-savouries maker Haldiram Snacks Foods Pvt Ltd—the combined snacks and foods business of the Delhi and Nagpur factions of the Agarwal family.
There are two large bids. One is the consortium led by PE fund Blackstone, which has teamed up with Abu Dhabi Investment Authority (ADIA) and Singapore sovereign wealth fund GIC for a bid to acquire up to 76 percent of the company, stated an Economic Times report. This would value the business at $8-8.5 billion (Rs 66,400-70,500 crore).
The other is Bain Capital along with Singapore’s Temasek. Reports suggest that Bain has been in discussions with the Nagpur and Delhi factions over the last several months as the family was finalising a pan-India restructuring plan. Haldiram Snacks declined to comment on these developments.
The buyout is conditional, based on the successful merger of the Nagpur and Delhi factions, which is still in progress. The merger plan was approved by the National Company Law Tribunal, and is expected to be completed in the next three to four months. The Competition Commission of India had approved the merger last April.
This isn't the first time news reports of Haldiram's selling out have surfaced. In September 2023, Tata Consumer was said to be in the race to buy a majority stake, a report that the company duly denied. "We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products," a company statement said. Months later, in January 2024, another report surfaced, only this time Haldiram's was said to be on the other side—as a buyer, of Indore-headquartered Prataap Snacks. Not much came out of that either.