The Competition Commission of India has approved US private equity firm Alpha Wave Global and the UAE-based International Holding Co.'s proposed acquisition of a minority stake in Haldiram Snacks Food Pvt.
The transaction, carried out through Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP, involves acquiring less than 10% of the issued and paid-up equity share capital of Haldiram Snacks Food.
"The exact delineation of the relevant market may be left open as the Proposed Transaction does not give rise to any competition law concerns, irrespective of the manner in which the markets are defined," CCI said in its order.
While Alpha Wave Global did not announce the deal size in March, market estimates are that it could be around Rs 5,100 crore, valuing Haldiram's at $10 billion or Rs 86,000 crore.
In May, the antitrust watchdog cleared Temasek Holdings' acquisition of a minority stake in the company.
Haldiram Snacks Food represents the combined business of the Delhi and Nagpur factions of the Haldiram family. Established in 1937 in Bikaner, Rajasthan, Haldiram started as a retail sweet and namkeen shop and has expanded globally, with products available in over 80 countries.
It manufactures and sells packaged food products in India such as snacks, sweets, ready-to-eat products, dairy products, bakery products, chocolates, and non-carbonated ready-to-drink beverages.
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