A consortium led by private equity firm Blackstone, alongside Abu Dhabi Investment Authority (ADIA) and Singapore's GIC, has reportedly submitted a non-binding bid for a majority stake in India's renowned food and snacks chain, Haldiram's.
The bid, valued at $8.5 billion, is for up to 76% of the company.
Haldiram's, a household name in India known for its wide range of snacks, sweets, and food items, was founded in Bikaner, Rajasthan, in 1937.
The consortium's bid marks a significant move in the potential acquisition of Haldiram's, with reports indicating that both the company and the investors involved have yet to officially confirm the development.
Haldiram's operates as a combined packaged snacks and foods business under two factions of the Agarwal family, based in Delhi and Nagpur respectively. Plans are underway to merge these factions into a single entity called Haldiram Snacks Food.
The Nagpur-based faction recorded revenue of ₹3,622 crore in the fiscal year 2021-22, while the Delhi-based Haldiram Snacks Private Limited reported sales of ₹5,248 crore during the same period.
Previous attempts to acquire Haldiram's have been made by venture capital firms like Bain Capital, Warburg Pincus, and General Atlantic.
Founded as a retail sweets and savoury shop in Bikaner in 1937, Haldiram's has expanded its reach globally, with its products now available in over 80 countries.