India's most beloved namkeen maker - Haldiram's - is about to get a global twist! And no, we're not talking about introducing a Wasabi Bhujia or Truffle Sev.
We're talking about a mega investment that might just see our favourite desi snack brand packing its bags and moving abroad.
According to media reports, US-based alternative investment firm Blackstone is in talks with Nagpur-based members of the Agrawal family to acquire up to a 76 percent stake in Haldiram's, valuing the iconic snack brand at a whopping Rs 70,000 crore.
Blackstone, along with consortium partners Abu Dhabi Investment Authority and Singapore's GIC, have been in discussions for several months with the Agrawal family members based in Delhi and Nagpur.
Disagreements over the business's valuation had stalled negotiations, but talks have regained momentum in recent weeks.
If this deal goes through, it will be the largest private equity buyout in India's history.
However, it's not a done deal just yet.
According to reports, the stake sale to Blackstone still poses a chance of failure if the promoters choose to take Haldiram public.
Last month, a Bloomberg report stated that the Agrawal family was considering a possible initial public offering (IPO) of their business.
This decision follows bids from private equity investors, which valued the company between $8 and $8.5 billion, falling short of the family's $12 billion valuation expectation. The report also mentioned that, in addition to Blackstone, Haldiram's received bids from Bain & Company and Temasek Holdings.
Founded 87 years ago, Haldiram has become India’s largest snack and convenience foods company, winning over the taste buds of Indians with its traditional Bikaneri Bhujia, easily found in ubiquitous plastic packs. This success propelled Haldiram to expand across India, diversifying its offerings to include a wide range of savories and other delectable food items.
The Delhi and Nagpur branches of the Agrawal family are in the process of merging their FMCG businesses, Haldiram Snacks Private Limited and Haldiram Foods International Private Limited, into a new company called Haldiram Snack Foods Private Limited.
In this new entity, the Delhi branch will hold a 56 percent stake, while the Nagpur branch will own 44 percent. The merger has received approval from the Competition Commission of India and is expected to be finalized in the coming months.
Haldiram's Delhi-based business, Haldiram Snacks Pvt Ltd, which gets 85 percent of its revenue from the FMCG business and 15 percent from its restaurant business, reported revenue of ₹6,377 crore in FY23 and a profit of ₹593 crore.
Meanwhile, the Nagpur business, Haldiram Foods International Pvt Ltd, reported a revenue of ₹5,974 crore and a profit of ₹794 crore in FY23.
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