Blackstone Keen On Haldiram's Stake, Waiting For Sellers To Decide Timeline

Blackstone Advisors India Pvt. is keen on a stake in snack brand Haldiram's, but is waiting for the snacks giant's promoters to decide the timing.

Speaking to NDTV Profit, Prateek Roongta, managing director of Blackstone India, said that the deal for a stake sale in Haldiram Snacks Pvt. is an ongoing process, and the private equity firm is "interested, but the sellers will decide the timeline."

Originally founded as a small sweets and namkeens shop in Rajasthan's Bikaner, Haldiram's today sells over 400 products ranging from traditional namkeens, Indian sweets to pickles.

Media outlets had earlier reported that Blackstone is eyeing a 20% stake in the company, while Bloomberg News had reported Temasek Holdings Pte.'s interest in a $1 billion-plus stake, which would value the Agarwal family business at over $11 billion.

Blackstone India is always looking for investment or divestment opportunities, Roongta said, but the firm is under no pressure to take out or put-in money. "As the time is right, we will take the right calls in India."

A potential Haldiram's stake will add to Blackstone's already sizeable India portfolio, which is currently valued at over $50 billion, according to Roongta.

"The current India portfolio across private equity and real estate businesses is worth about $55 billion. It has performed very well in 2024 and we are looking at a robust 2025 as well," he told NDTV Profit.

Blackstone-backed International Gemmological Institute (India) Ltd. is set to open subscription for its Rs 4,225-crore initial public offering later this week, with the price band being set at Rs 397 to Rs 417 per share.

The IPO comprises a fresh issue worth Rs 1,475 crore along with an offer-for-sale component for Rs 2,750 crore by Blackstone affiliate BCP Asia II.

Roongta told NDTV Profit that the investment firm is now in the process of launching its third Asia fund called BCP Asia III, likely in 2025.

Aster DM Healthcare Ltd. and Quality Care India Ltd., which is backed by Blackstone and TPG, signed definitive agreements for a merger on Nov. 29.

Speaking on the deal that would value the merged entity at $5 billion, Roongta said, "The deal makes us the third-largest hospitals owner in the country in terms of number of beds. This is a platform for us, and we will keep looking for opportunities to scale this up. We aspire to become the number one player in the country."

IGI will be the second IPO this year for Blackstone, which also sold stake worth Rs 2,000 crore via Aadhar Housing Finance Ltd.'s market debut. Blackstone-backed Ventive Hospitality Ltd. also filed draft papers for its IPO in September, and Roongta expects the hotels operator to get listed on the stock exchanges in January.