Haldiram Snacks Food Pvt. on Monday announced investments from US firm Alpha Wave Global and UAE-based International Holding Co., a day after Temasek picked a minority stake in the packaged food manufacturer.
The terms of the deal have not been publicly disclosed. The transaction, subject to customary regulatory approvals, is expected to close soon.
While Alpha Wave Global did not announce the deal size, market estimates are that it could be around Rs 5,100 crore, valuing Haldiram's at $10 billion or Rs 86,000 crore.
With this, the total promoter dilution in Haldiram would be 15%.
With the support of Alpha Wave Global and IHC, Haldiram's aims to utilize their expertise and networks to enhance its global presence, particularly in the US and the Middle East, while also strengthening its position in the Indian market, the company said in a statement said.
Founded in 1937, Haldiram's is one of India's largest packaged food manufacturers, known for its range of snacks, sweets, and ready-to-eat products. The company has a significant international presence.
Temasek will acquire an equity stake in Haldiram's from its existing shareholders, subject to regulatory approvals. Temasek, which has a net portfolio value of $288 billion as of March 31, 2024, has been actively investing in India's consumer and food sectors.
The financial details of the deal were not disclosed, but the Competition Commission of India was approached in March for clearance on Temasek's plan to acquire around a 10% stake through its subsidiary, Jongsong Investments Pte.
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