Haldiram Secures Investment from IHC and Alpha Wave After Temasek’s Rs 8,500 Crore Deal

Indian snacks giant Haldiram has confirmed the addition of two new investors, Abu Dhabi-based International Holding Company (IHC) and Alpha Wave Global, as part of its equity financing round, according to Reuters.

While the company did not reveal specific deal details, the announcement follows Temasek’s agreement to acquire a 10 percent stake for Rs 8,500 crore, marking a significant investment in one of India’s leading snack manufacturers.

The transaction, facilitated by PwC Investment Banking as the exclusive financial advisor and Khaitan & Co as the legal advisor, marks a significant development in India’s consumer goods sector. While the exact stake and valuation details remain undisclosed, the deal is touted as the largest private equity consumer transaction in India.

Haldiram’s aims to leverage Temasek’s investment and industry expertise to drive growth both in India and globally. A company spokesperson expressed enthusiasm, stating, “We are thrilled to welcome Temasek as an investor and partner in Haldiram’s. We look forward to harnessing their experience in the consumer space to accelerate our growth and meet evolving consumer demands. We also extend our gratitude to PwC and Khaitan & Co for their dedicated support during this transaction.”

Sanjeev Krishan, Chairperson of PwC India, highlighted the firm’s longstanding partnership with Haldiram’s, saying, “This transaction is not only the largest private equity consumer deal in India but also a reflection of domestic businesses elevating India’s position on the global stage. We thank the Haldiram’s family for their trust in us over the years.”

Founded by Ganga Bishan Agarwal in the 1930s, Haldiram’s has grown into a household name in India’s snacks and packaged foods market, offering a wide range of products, including sweets, savory snacks, frozen meals, and bakery items. The company also operates 43 restaurants in and around Delhi.

The deal, subject to regulatory approvals, is expected to close soon.

Last year, Blackstone has emerged as the leading bidder in negotiations to acquire a 20 per cent stake in Haldiram Snacks, with a potential deal valued at around $1.6 billion, according to a Bloomberg report. The private equity giant is in talks to team up with Singapore's state investment firm GIC Pte and the Abu Dhabi Investment Authority (ADIA) for the transaction, which could see India’s largest snack maker valued at $8 billion.