Millions Indians’ favorite company Haldiram may soon go into foreign hands. A consortium led by Blackstone, the world’s largest private equity firm, along with Abu Dhabi Investment Authority and GIC Singapore is set to buy a controlling stake in Haldiram. Late last week, the consortium had submitted a non-binding bid to buy a controlling stake in Haldiram Snacks Food Pvt Ltd (HSFPL). Economic Times has given this information in one of its reports. HSFPL is a joint packaged snacks and food business of the Agarwal family of Delhi and Nagpur factions.
This will be India’s biggest private deal
87 year old Haldiram is India’s largest snacks and convenience food company. Blackstone and its partners are interested in buying 74 to 76% stake in Haldiram. He has put the value for it at 8-8.5 billion dollars (₹66,400-70,500 crore). Both ADIA and GIC are limited partners or sponsors of Blackstone’s global funds. If this deal goes through, it will be India’s largest private equity deal to date.
merger of both groups
In May last year, for the first time, a professional was appointed as CEO of Haldiram in the form of former Dabur International CEO KK Chutani. Any deal is dependent on a successful merger between Haldiram’s Nagpur and Delhi factions, which is part of the plan approved by the NCLT. This merger was approved by the Competition Commission of India last year. It is expected to be completed in the next 3-4 months. Haldiram Snacks Private Limited holds 56 percent stake and Haldiram Foods International Private Limited (HFIPL) holds 44 percent stake in HSFPL.
There is business in more than 100 countries
Ganga Bisson Agarwal started the Haldiram brand in the year 1937. Today the company has business in more than 100 countries. Haldiram sells about 400 types of food items. These include snacks, namkeen, sweets, frozen foods, biscuits, ready to drink beverages, pasta, confectionery and ready to eat foods. The company also exports its products to many countries in America and Europe.
Latest Business News