Triangular Race for Minority Stake in Haldiram Snacks: A Billion-Dollar Pursuit

Three firms, including Blackstone, Bain Capital, and Alpha Wave Global, are racing to acquire a 15-20% minority stake in Haldiram Snacks Food. The cash infusion from the potential deal aims to support Haldiram's expansion efforts. The Agarwal family plans to finalize the deal by early January next year.

The race to acquire a minority stake in Haldiram Snacks Food has intensified, with three major firms now vying for a piece of the company. Already in contention were consortiums led by Blackstone and Bain Capital. The recent entry of Alpha Wave Global has turned the bidding process into a competitive triangular contest.

Alpha Wave Global has reportedly put forward a binding offer exceeding USD 1 billion, further heating up the competition. The decision now rests with the Agarwal family, the company's promoters, who are expected to finalize the deal by early January next year. Initially, more significant divestment was considered, but the promoters opted to sell a minority stake instead.

This strategic cash infusion is intended to aid Haldiram's expansion plans domestically and internationally. Future prospects include a potential IPO to fully realize the company's market potential. The other participating entities include Blackstone in collaboration with Abu Dhabi Investment Authority (ADIA) and GIC, and Bain Capital alongside Temasek. Haldiram's journey began in 1937, and it currently sells products across more than 80 countries.

(With inputs from agencies.)