A non-binding offer, valued at $8.5 billion, has been made to acquire up to 76% of Haldiram, India’s largest snack and convenience foods company, founded 87 years ago in Bikaner, Rajasthan. The Delhi and Nagpur factions of the Agarwal family are consolidating their Haldiram snacks bid and packaged foods business while separating their restaurant operations.
In Mumbai and New Delhi, a group led by Blackstone, the world’s largest private equity fund, together with Abu Dhabi Investment Authority (ADIA) and GIC of Singapore, submitted a non-binding bid recently to purchase a controlling interest in Haldiram Snacks Food Pvt Ltd (HSFPL). This entity encompasses the packaged snacks and foods business of both the Delhi and Nagpur factions of the Agarwal family, according to sources familiar with the situation.
Blackstone, along with Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, leads a consortium that has submitted a non-binding bid to acquire a controlling stake in Haldiram Snacks Food Pvt Ltd (HSFPL), reported by the Economic Times. The consortium, comprising the world’s largest private equity fund and its partners, aims to secure 74-76 percent ownership of the company, with a valuation ranging from $8-8.5 billion (Rs 66,400-70,500 crore), as per the report.
HSFPL comprises the packaged snacks and foods businesses of the Delhi and Nagpur factions of the Agarwal family.
In April 2023, the Competition Commission of India approved the demerger of the FMCG divisions of Haldiram Foods International Private Limited and Haldiram Snacks Private Limited into the newly formed Haldiram Snacks Foods entity.
Haldiram’s offers a variety of products under well-known brands such as Haldiram’s, Haldiram’s Prabhuji, Bikanervala, Bhikharam Chandamal, Bikaji, and Bikano.
In FY22, Haldiram Foods International Private Limited, based in Nagpur, recorded revenue of Rs 3,622 crore, while its counterpart, Haldiram Snacks Private Limited, reported earnings of Rs 5,248 crore. Together, they generated a combined revenue of Rs 8,870 crore.
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