Temasek, the Singapore-based investment firm, is emerging as the frontrunner to acquire a minority stake in Haldiram Snacks Food for over $1 billion after Bain Capital exited the race. Temasek, which initially submitted a joint bid with Bain Capital, decided to pursue the investment solo. Meanwhile, Alpha Wave Global, backed by Chimera Capital of the UAE royal family, remains a key contender, actively negotiating with the Aggarwal family, Haldiram’s founders.
Blackstone, another initial bidder, has faced resistance from Haldiram’s promoters due to conditions tied to its offer, including shared management control and rights over appointing key executives. A decision on the investment is expected by the end of January, with Haldiram’s family potentially selecting one or two investors to dilute their stake.
The Aggarwal family, which runs India’s largest snack and convenience food business, has been exploring various strategic options, including selling a minority stake instead of a controlling interest. The company’s two branches, based in Delhi and Nagpur, are undergoing a merger process approved by the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI).
Haldiram, known for its vast portfolio of 500 products ranging from snacks and sweets to cookies and beverages, operates in over 100 countries, many through franchisees. It has expanded into categories like chocolates under the Cocobay brand and cookies with Cookie Heaven, while also acquiring brands such as Babaji Namkeen and Akash Namkeen. In FY24, Haldiram posted a profit of ₹1,400 crore on revenue of ₹12,800 crore, with its ₹1,800 crore restaurant business excluded from the current transaction.
The company’s journey to attract investment has seen interest from major private equity players and strategic investors like Kellogg’s, PepsiCo, and Tata Consumer Products. However, high valuation expectations, pegged at $10–11 billion, have deterred previous negotiations. Haldiram’s appointment of its first professional CEO in May 2023 and efforts to streamline operations signal its readiness for a new growth phase under external investment.