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India’s FMCG (Fast-Moving Consumer Goods) sector has witnessed a significant milestone with Haldiram’s, a leading snack brand, finalizing a Rs 5,600 crore stake sale to Alpha Wave, a UAE-based investment fund. This deal marks a crucial step in Haldiram’s journey towards an eventual IPO. Alpha Wave, known for backing global giants like SpaceX and the Adani Group, has acquired a 6% stake in Haldiram’s, valuing the company at Rs 84,000 crore, making it one of India’s most valuable FMCG brands.
The transaction is a significant milestone for Haldiram’s, with the company’s promoters, the Agrawal family, gaining over Rs 13,000 crore from the deal. The sale also comes after a 9% stake sale to Singapore’s state-owned investment firm Temasek earlier this month. Alpha Wave’s involvement in Haldiram’s highlights the growing interest of global investors in India’s consumer market, bridging the gap between cutting-edge technology and traditional FMCG businesses.
The deal is also significant in the context of Haldiram’s plans for an IPO. The company has merged its two subsidiaries, Haldiram’s Snacks Private Limited and Haldiram’s Food Private Limited, into a single entity, paving the way for an initial public offering (IPO) within a year. Industry insiders suggest that Haldiram’s valuation could double upon entering the capital market. To ensure fair competition, the company has sought approval from the Competition Commission of India (CCI) following the Temasek deal. Additionally, Haldiram’s is in talks with a domestic private equity firm to offload an additional 1-2% stake, further strengthening its financial position. The deal is expected to pave the way for Haldiram’s to expand its presence in the Indian and global markets.