Blackstone-Led Consortium Likely To Emerge As Preferred Bidder For Haldiram Stake Worth $1.6 Billion

A consortium led by global investment giant Blackstone Inc has emerged as the preferred bidder for a minority stake in Haldiram Snacks. The deal, which has been under negotiations for several months, could mark one of the largest investments in India's food sector, as per people familiar with the matter.

According to a Bloomberg report, Blackstone is in advanced talks to partner with Singapore state investor GIC Pte and Abu Dhabi Investment Authority (ADIA) to acquire a 20% stake in Haldiram. The transaction is expected to be valued at approximately $1.6 billion, putting the overall valuation of India's largest snacks manufacturer at around $8 billion.

Reports indicate that the discussions are at an advanced stage, and the involved parties aim to finalize an agreement within the next few weeks. While Blackstone appears to be leading the race, other bidders reportedly remain interested in securing a minority stake.

However, no final decisions have been made yet, as considerations are still ongoing. Representatives for Blackstone have declined to comment, while GIC, ADIA, and Haldiram have not yet issued official responses.

About Haldiram's

Founded in the 1930s by Ganga Bishan Agarwal in North India, Haldiram Snacks has evolved into an iconic household name in India's packaged food segment. Known for its wide-ranging portfolio of products-from traditional sweet and savoury snacks like bhujia and soan papdi to frozen meals, breads, and other packaged foods-Haldiram has firmly established itself as a market leader.

In addition to its packaged food business, Haldiram operates 43 restaurants in and around Delhi.

The Agarwal family, which owns Haldiram Snacks, has been exploring strategic options for the business for some time now. This includes evaluating a potential initial public offering (IPO) and even considering the sale of a majority stake. Reports earlier suggested that the owners were seeking a higher valuation of up to $12 billion.

Among the other parties previously linked to Haldiram's minority stake acquisition is Temasek Holdings Pte, a Singapore state-owned investor, according to the Bloomberg report.

The Indian packaged snacks market has been witnessing growth, driven by rising disposable incomes, changing consumer preferences, and an increasing appetite for branded and hygienically packaged foods. Haldiram, with its strong legacy and vast distribution network, is well-positioned to capitalize on these trends.

For Blackstone and its consortium partners, acquiring a minority stake in Haldiram represents an opportunity to gain exposure to one of the fastest-growing consumer segments in India. Haldiram's market leadership, along with its product range and deep-rooted brand equity, makes it an attractive investment prospect.