Foreign Attempt To Buy India's Haldiram's; Here's The Offer

Foreign Attempt To Buy India’s Haldiram’s; Here’s The Offer

New Delhi: Well-known India’s food, sweet and snacks chain Haldiram’s is up for grabs as a global group of investors has reportedly submitted a non-binding bid to acquire a controlling stake worth $8.5 billion in the company.

A global consortium led by top private equity (PE) firm Blackstone, along with Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, has submitted the bid last week for up to 76 per cent stake in Haldiram’s Snacks Food, IANS reported quoting reports.

Both Haldiram’s as well as the global consortium are yet to confirm the development, the report added.

Founded in Bikaner, Rajasthan in 1937, the food chain is the combined packaged snacks and foods business of the Delhi and Nagpur factions of the Agarwal family.

While Haldiram Foods International is led by the Nagpur faction, Haldiram Snacks is led by the Delhi faction. The two entities are set to be merged to create a new entity, Haldiram Snacks Food.

The Nagpur-based faction registered Rs 3,622 crore in revenue in FY22. The Delhi-based Haldiram Snacks Private Limited clocked Rs 5,248 crore in sales in the same fiscal year, according to IANS.

There have been other attempts in the past to acquire the food chain, especially by Venture Capitalist firms like Bain Capital, Warburg Pincus and General Atlantic, according to reports.

Haldiram products are available in more than 80 countries.