Blackstone Inc., in partnership with GIC Pte and ADIA, is reportedly the frontrunner to acquire a minority stake in Haldiram Snacks Pvt., India’s leading snack food manufacturer. The potential deal, currently under negotiation, could value Haldiram at approximately $8 billion.
Blackstone, along with Singapore’s sovereign wealth fund GIC and Abu Dhabi Investment Authority (ADIA), is considering a 20% stake acquisition for around $1.6 billion. Sources indicate that while discussions are progressing rapidly toward a potential agreement in the coming weeks, other interested bidders remain in contention. All parties involved have declined to comment officially, and the deal remains subject to change.
Haldiram Snacks, a family-run business with roots dating back to the 1930s, boasts a diverse product portfolio ranging from traditional Indian sweets and savory snacks to frozen meals and breads. Beyond its extensive product line, the company operates a network of 43 restaurants primarily located in and around Delhi.
This potential investment follows Haldiram’s exploration of various strategic options, including a potential initial public offering (IPO) and a majority stake sale. Previous reports suggested the company sought a valuation as high as $12 billion. Singapore’s Temasek Holdings Pte has also been identified as a potential suitor for a minority stake.
The Indian snack food market presents significant growth opportunities, driven by a large and increasingly affluent consumer base. Haldiram, with its established brand recognition and extensive distribution network, is well-positioned to capitalize on this trend. A successful investment from a consortium of this caliber would further solidify Haldiram’s position as a dominant player in the industry.
This potential transaction underscores the increasing attractiveness of the Indian consumer market to global investors. The deal’s finalization could significantly impact the competitive landscape of the Indian snack food sector and potentially pave the way for further consolidation in the industry. While the outcome remains uncertain, the current developments highlight Haldiram’s strategic importance and the significant investment interest in its future growth.
