After over 18 months of negotiations, Singapore-based global investment firm Temasek has emerged as the frontrunner to acquire a minority stake in Haldiram Snacks Foods Private Ltd, according to a report by Moneycontrol.
A term sheet outlining the key terms of the investment has reportedly been finalized between Temasek and the promoters of Haldiram Snacks. This pre-IPO deal is expected to set a valuation benchmark for the company, with Temasek aiming to acquire less than 10% stake at a valuation of $10-11 billion (₹85,700 crore to ₹94,270 crore).
Competitive Bidding and Stake Sale
While progress has been slow since December 2023, significant advancements have been made. Competing bidders in the final stages included Blackstone and Alpha Wave Global. Earlier discussions explored the sale of a controlling stake, but the focus later shifted to a minority stake sale.
Reports suggest Haldiram might sell an additional stake to other private equity investors, though this remains uncertain. Previous discussions indicated a possible sale of up to 20% of the company&rsquo;s stake to unlock value.
Demerger and Family Shareholding
The company was formed after the demerger of the FMCG businesses of Haldiram Snacks Private Ltd (Haldiram Delhi group) and Haldiram Foods International Pvt Ltd (Haldiram Nagpur group). The newly created entity, Haldiram Snacks Foods Private Ltd (HSFPL), allocated 56% of shares to Haldiram Delhi and 44% to Haldiram Nagpur.
IPO in the Pipeline
The founding Agarwal family is considering a public listing following the sale, with an expected valuation of ₹93,500 crore ($11 billion) via an IPO. Private equity bidders see the IPO, likely within the next 12-24 months, as a critical avenue to monetize their investments.
This development signifies a major milestone for Haldiram as it gears up for its next phase of growth and market expansion.
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Source : Business Standard

After over 18 months of negotiations, Singapore-based global investment firm Temasek has emerged as the frontrunner to acquire a minority stake in Haldiram Snacks Foods Private Ltd, according to a report by Moneycontrol

Temasek Set to Acquire Minority Stake in Haldiram Snacks at $10-11 Billion Valuation