International Holding Company (IHC) of Abu Dhabi, Alpha Wave Global of New York, and Temasek, a Singapore sovereign wealth fund, have invested in Haldiram’s, a leading Indian snack maker, as part of an equity financing round. According to a statement by PwC, the financial advisor to the deal, the investment will be used to fuel Haldiram’s expansion across the US and the Middle East. The transaction is subject to regulatory approvals and is expected to close soon.
The investment has valued Haldiram’s at $10 billion, with IHC and Alpha Wave collectively acquiring a 6% minority stake. Temasek, on the other hand, has acquired a 10% stake in Haldiram Snacks Food for INR85 billion ($1 billion), as reported by Mint, an Indian financial news outlet.
Haldiram’s is a significant player in the global snack market, manufacturing and distributing 500 food products across 100 countries, including the UK, US, and Japan. The company’s expansion plans are expected to benefit from the investment, which will enable it to increase its presence in new markets.
The investors in Haldiram’s have a track record of investing in prominent companies. Alpha Wave’s investments include companies such as Elon Musk’s SpaceX, while IHC has previously invested in Indian billionaire Gautam Adani-owned Adani Enterprises, increasing its stake to over 5% in October 2023. Temasek, as a sovereign wealth fund, has a diversified portfolio of investments across various sectors.
The investment in Haldiram’s is a significant development in the Indian snack market, which is expected to continue growing in the coming years. With the support of its new investors, Haldiram’s is well-positioned to expand its global footprint and become a major player in the international snack market. The deal is also a testament to the attractiveness of Indian companies to international investors, who are increasingly looking to tap into the country’s growing consumer market.