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Three global bidders enter the fray for Haldiram following Alpha Wave's $1.5 bn-plus offer
Alpha Wave joins Blackstone- and Bain-led consortiums in race for 15-20% stake; potential $1.3-$2.2 billion deal would be among India’s largest private-equity transactions.
The family has been merging its Delhi and Nagpur factions through a National Company Law Tribunal-approved process, which last received clearance from the Competition Commission of India in April 2023.
Haldiram Snacks Food is at the center of a high-stakes bidding war as several global investment heavyweights vie for a substantial slice of the 87-year-old business, according to reports by the Economic Times.
According to people aware of the matter, Alpha Wave Global, an offshoot of Tiger Global Management, has made a binding offer to acquire a significant minority stake for more than a billion dollars, joining two other competing investor coalitions that tabled their firm bids late last week.
The rival groups include one led by Blackstone, backed by Singapore's GIC and Abu Dhabi Investment Authority (ADIA), and another comprising Bain Capital in tandem with Temasek.
All parties have reportedly assigned a valuation of Rs 75,000-80,000 crore ($8.8-$9.4 billion) to Haldiram.
Initial indications from the founding Agarwal family suggested they were open to offloading a controlling interest, but recent developments indicate that a minority stake sale is also under serious consideration. The family has been merging its Delhi and Nagpur factions through a National Company Law Tribunal-approved process, which last received clearance from the Competition Commission of India (CCI) in April 2023.
Alpha Wave's unexpected entry into the snack maker's bidding pool marks a strategic shift from its previous focus on Indian consumer technology ventures such as Lenskart, Swiggy, and Dream11. Its interest in Haldiram, alongside that of the Blackstone and Bain-led teams, suggests that investors see a high-growth opportunity in the Indian FMCG segment.
Some bidding consortiums are pursuing as much as a 25% stake or management rights that secure co-control of the company’s operations and board.
Depending on the share quantum eventually acquired, the prospective deal could be worth between Rs 11,250 crore and Rs 18,750 crore ($1.3-$2.2 billion), potentially making it one of India’s largest-ever private equity transactions.
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