US firm Blackstone eyes controlling stake in $8.5 billion Haldiram Snacks

BNE News Desk

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New Delhi: Haldiram, everyone's favourite snack company with an 87-year history, has been valued at $8-8.5 billion (Rs 66,400-70,500 crore) ahead of a proposed transaction with Blackstone, the world's largest private equity fund, and its partners. Blackstone and its partners, including Abu Dhabi Investment Authority (ADIA) and Singapore's GIC, aim to acquire a 74-76 percent share in the Indian company.

The completion of this prospective transaction hinges on the successful merger currently underway between Haldiram's Nagpur and Delhi branches, a process greenlit by the National Company Law Tribunal (NCLT). This merger, anticipated to conclude within the next three to four months, is integral to the restructuring efforts within the Haldiram family. Previously, the Tata Group has also evinced interest in buying a controlling stake in Haldiram a few months ago.

The consolidation of the Nagpur and Delhi factions into the newly formed Haldiram Snacks Food Pvt Ltd (HSFPL) signifies a strategic pivot, with the Delhi family set to hold a 55 percent stake, represented by Manohar Agarwal and Madhu Sudan Agarwal, and the Nagpur faction retaining a 45 percent ownership led by Kamalkumar Shivkisan Agrawal. Notably, the eastern faction of the Haldiram empire remains uninvolved in this merger.

Haldiram's expensive snack food business encompasses a diverse portfolio, including snacks, namkeens, sweets, ready-to-eat meals, pre-mixed food items, cookies, non-carbonated beverages, and pasta. With a global footprint spanning over 100 countries, often through franchise arrangements, Haldiram has established a formidable presence in key markets such as the UK, the US, and Japan.

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BNE News Desk