Haldiram Snacks Food Pvt Ltd (HSFPL), the joint packaged snacks and foods business of the Agarwal family’s Delhi and Nagpur branches is approached by a group led by Blackstone, the biggest private equity fund globally, together with Abu Dhabi Investment Authority (ADIA) and GIC of Singapore and made a non-binding offer, said the sources.
Haldiram Gets Bid From World’s Largest PE
Being an 87 years old business, Haldiram stands proud as India’s foremost snack and convenience foods enterprise.
It appears that Blackstone and its partners are quite eager to acquire 74-76% of the company, valuing the business at $8-8.5 billion (Rs 66,400-70,500 crore), as per the report.
Here mentioned, ADIA and GIC, both are limited partners or sponsors of Blackstone’s global funds.
This deal after materialization would mark the most significant private equity buyout in India to date.
So far, Haldiram has declined to comment on this subject.
Reportedly, Chutani, previously the chief executive of Dabur International, was brought in as Haldiram’s CEO during last year in May, marking the first time a professional has taken the helm.
Work In Progress
It is noteworthy here that the completion of any transaction hinges on the successful merger currently underway between the Nagpur and Delhi factions, as part of a plan approved by the National Company Law Tribunal (NCLT).
Further, It is anticipated to be concluded within the next three to four months.
In the meantime, the Haldiram family has undergone a significant restructuring, with the Nagpur and Delhi factions splitting their FMCG (packaged foods) and restaurant businesses into separate entities.
This newly formed Haldiram Snacks Food Pvt Ltd (HSFPL) is the result of a merger between Haldiram Foods International Pvt Ltd (HFIPL), led by the Nagpur faction, and Haldiram Snacks Pvt Ltd (HSPL), led by the Delhi family.
When it comes to stakes, the Delhi side of the family, represented by Manohar Agarwal and Madhu Sudan Agarwal, will hold a 55% stake in HSFPL.
Similarly, the Nagpur faction, led by Kamalkumar Shivkisan Agrawal, will own the remaining 45%.
Notably, The eastern faction of the Haldiram empire is not involved in this merger.
