Abu Dhabi-based IHC to acquire stake in $10bn Indian snack food major Haldiram
New York-based Alpha Wave Global is another international investor in the latest round of Haldiram Snacks Food, it said.
'Haldirams, India's leading snack and food brand, is pleased to announce the addition of two new investors, IHC (International Holding Company) and Alpha Wave Global, to its ongoing equity round, following Temasek's recent participation,' said the company in the official statement cited in a PTI report.
Abu Dhabi's IHC invests in Haldiram
The announcement comes close on the heels of Singapore's Temasek's move to acquire a 10 percent stake in Haldiram, reportedly for around $1bn (Rs85bn), valuing the company at $10bn.
Though the financial details of the equity acquisition deals with IHC and Alpha Wave Global were not disclosed, media reports suggested the combined investment of the two could be in the region of about $70m for a six percent equity stake in the Indian snacks major – a popular household name in North India.
A company spokesperson told Reuters that the partnership [with the new investors] represents patient capital and long-term support to Haldirams' growth plans.
With the backing of IHC and Alpha Wave Global, Haldirams is said to be set to leverage the vast expertise and networks of these investors to broaden its footprint in key international markets such as the Middle East and the US.
These markets which demonstrate growing demand for Indian cuisine and snacks, will be the primary focus areas in the company's global expansion strategy, it said.
With this partnership, the company is well-positioned to enhance its product offerings, expand its operations, and further its mission to make Haldirams a household name in Middle East and other international markets, according to a spokesperson, as cited in media reports.
Started in Bikaner, Rajasthan, in 1937, the snack giant's impressive product portfolio comprises more than 400 items, including traditional namkeens, western snacks, Indian sweets, cookies, sherbets, pickles and more.
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