New Delhi: Haldiram Snacks Food Private Limited, an esteemed 87-year-old Indian snack food company, is currently at the center of a significant acquisition bid. Three prominent foreign investors have expressed interest in purchasing a substantial portion of the business.
Investors and the Bid
The bidding entities include Blackstone, the world’s largest equity investment firm, along with the Abu Dhabi Investment Authority (ADIA) and the Government of Singapore Investment Corporation. The consortium, led by Blackstone, has proposed to acquire a 76 percent stake in Haldiram’s, with a bid valued between $8 to $8.5 billion (approximately ₹70,000 crore). If successful, this transaction will be recorded as the largest private equity deal in India to date.
Leadership Changes
In a historic move for the company, Haldiram appointed its first professional CEO in May of the previous year. The position was filled by Mr. Chutani, the former CEO of Dabur International. This strategic leadership change aligns with the company’s broader vision as it navigates through potential acquisition talks.
Business Restructuring
A pivotal condition for the acquisition is the merger of Haldiram’s Delhi and Nagpur branches. This merger has been sanctioned by the National Company Law Tribunal (NCLT) and is anticipated to conclude within the next 3 to 4 months. Currently, the Haldiram family is engaged in a comprehensive restructuring process, aiming to segregate the packaged food and restaurant businesses into distinct entities. The merger will combine Haldiram Food International Private Limited (HFIPL) of the Nagpur branch with Haldiram Snacks Private Limited (HSPL) of the Delhi branch, forming the new entity Haldiram Snacks Food Private Limited (HSFPL).
Ownership Distribution
Post-merger, the ownership stakes will be distributed as follows: the Delhi faction, including Manohar Agarwal and Madhu Sudan Agarwal, will hold a 55 percent share, while the Nagpur faction, managed by Kamalkumar Shivkishan Agarwal, will retain a 45 percent stake. Haldiram’s global business footprint extends across 100 countries, with notable franchises in the UK, the US, and Japan.
The proposed acquisition of Haldiram by the Blackstone-led consortium marks a transformative phase for the company, reflecting the growing interest of global investors in Indian businesses. The completion of this deal will not only reshape Haldiram’s corporate structure but also potentially set a new benchmark for private equity investments in the country.
