Blackstone has bid with the consortium of the remaining two companies. In the bid, he has made up his mind to buy 76 percent of Haldiram’s business. For this a bid of about Rs 70 thousand crores has been made.
New Delhi. If Haldiram’s products are there in morning breakfast, afternoon tea and evening snacks, the taste increases. There would hardly be anyone in the country who has not tasted Haldiram’s products. But, it seems that this company which gives desi taste will now become foreign. Till now, rumors of sale of Haldiram have surfaced several times, but for the first time, three big foreign companies have officially bid to buy its entire business. The companies buying Haldiram include the world’s largest equity investment company Blackstone, Abu Dhabi Investment Authority (ADIA) and Government of Singapore Investment Corporation.
87 year old Haldiram Snacks Food Private Limited is the oldest snacks company in the country. According to the report of Economic Times, Blackstone along with the consortium of other two companies has decided to buy 76 percent of Haldiram’s business. For this, a bid of 8 to 8.5 billion dollars (about Rs 70 thousand crore) has been made. If this deal is completed, it will be the country’s largest private equity deal so far.
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For the first time a professional was made CEO
For the first time in its 87 year history, Haldiram has made a professional its CEO. In May last year, the company had appointed Chutani, who was the CEO of Dabur International, as the Chief Executive Officer of Haldiram. This bid has been made to buy the snacks and food business of Haldiram’s Delhi and Nagpur branches.
company separating business
Any deal regarding Haldiram can be completed only when its Delhi and Nagpur businesses are merged. Its plan has also been approved by the National Company Law Tribunal (NCLT). It is believed that this merger will be completed in the next 3 to 4 months. At present, Haldiram family is busy in restructuring its business and is converting the packaged food and restaurant business into separate companies. Haldiram Food International Private Limited (HFIPL), led by Nagpur branch, and Haldiram Snacks Private Limited (HSPL), family held in Delhi, have been merged to form Haldiram Snacks Food Private Limited (HSFPL).
whose share is how much?
Delhi’s family, including Manohar Agarwal and Madhu Sudan Agarwal, have 55 percent stake in the newly formed company HSFPL. Nagpur’s business, which is run by Kamalkumar Shivkishan Agarwal, has 45 percent stake. The company’s business is spread across 100 countries, out of which it also has franchises in UK, US and Japan.
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what a big business
Haldiram manufactures about 500 types of packaged products and exports them to 100 countries. In the last financial year 2023-24, the total turnover of the company was Rs 14,500 crore. For the first time in the year 1937, Ganga Bishan Aggarwal, a resident of Bikaner, laid the foundation of Haldiram.
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FIRST PUBLISHED: May 14, 2024, 20:39 IST