New Delhi: Blackstone is now negotiating to acquire a 20% stake in Haldiram’s snacks business, valuing the popular Indian brand at $8 billion, according to sources. This shift in strategy comes after plans for a majority acquisition fell through, with Haldiram’s holding firm on a $12 billion valuation.
Haldiram’s, a major player in India’s $6.2-billion savory snacks market, also attracts interest from Bain Capital, Temasek, and the Abu Dhabi Investment Authority (ADIA), sources noted. Although Blackstone originally led a consortium to acquire a 75% stake, Haldiram’s is reportedly no longer interested in selling a majority share.
Haldiram’s, with roots dating back to a small shop in Bikaner in 1937, has become synonymous with Indian snacks like “bhujia” and operates over 150 restaurants. As global demand for Indian flavors rises, Haldiram’s snack business remains a hot target for foreign investors.