Haldiram's, the iconic Indian snack brand, is currently in discussions with Singapore's state investment firm Temasek Holdings regarding the acquisition of a minority stake valued at approximately $11 billion. According to a recent report from Bloomberg, Temasek is exploring the possibility of purchasing a stake ranging from 10% to 15% in Haldiram Snacks Pvt Ltd, which may also serve as a strategic move towards positioning the company for an initial public offering (IPO) in the foreseeable future. This potential investment from Temasek arrives at a pivotal moment for Haldiram's as it evaluates its growth potential amid a resurgence of interest from global investors looking to capitalize on the expanding Indian snack market.
The brand's appeal has recently attracted the attention of several prominent private equity firms, including industry giants like Blackstone and Bain Capital. In May 2024, media reports surfaced indicating that Blackstone, in collaboration with the Abu Dhabi Investment Authority (ADIA) and Singapore's GIC, submitted a significant bid to acquire up to 76% of Haldiram Snacks, valuing the company at between ₹70,000 crore and ₹78,000 crore (approximately $8.4 billion to $9.4 billion). This development marks one of the most substantial potential deals within India’s burgeoning food and snack sector, underscoring the growing appetite for investment in established and emerging Indian brands.
The ongoing discussions with Temasek are seen as a crucial step that could pave the way for Haldiram’s IPO in the near future. However, it's important to note that these discussions are still in their preliminary stages, and no definitive agreement has been reached yet. Haldiram’s has long been considered an attractive target for investors, with previous interest from numerous firms, including Bain Capital, Warburg Pincus, and General Atlantic, each eager to stake a claim in this beloved brand.
Founded in 1937 in Bikaner, Rajasthan, Haldiram's began as a small sweets and savories shop, selling traditional Indian snacks. Since then, it has evolved into a global powerhouse in the snack food industry, distributing its diverse range of products in over 80 countries around the world. The brand has managed to cement itself as a staple in Indian households and among diaspora communities worldwide, making it a familiar name associated with quality and taste.Â
Haldiram’s operations are currently divided between two major factions of the Agarwal family: Haldiram Foods International, based in Nagpur, and Haldiram Snacks Pvt Ltd, which operates out of Delhi. There are plans underway to merge both branches into a new entity called Haldiram Snacks Food Pvt Ltd. This merger aims to streamline operations, enhance efficiency, and potentially create a more robust organizational structure to facilitate future growth and expansion.
In terms of financial performance, the Nagpur-based Haldiram Foods International reported impressive revenues of ₹3,622 crore for the financial year 2022. Meanwhile, Delhi-based Haldiram Snacks Pvt Ltd generated even higher sales, amounting to ₹5,248 crore during the same fiscal period. This remarkable revenue growth not only reflects the brand's strong market position but also highlights its ongoing popularity among consumers, positioning it favorably for future investments and potential expansion through public listings.
With Temasek’s potential involvement, Haldiram's is on the cusp of a new chapter in its storied history, one that could see the brand further solidifying its status as a leader in the global snack market. As the company explores various avenues for growth and expansion, the upcoming months will be crucial in determining its path forward, especially regarding the possibility of an IPO that could attract even more global interest and investment.
Â
