Haldirams confirms arrival of more investors in equity round

India-based Haldiram Snacks Food has attracted 2 much investors, International Holding Company (IHC) and Alpha Wave Global, to its “ongoing” equity round.

The connection issued by PwC, which was an advisor connected the deals, comes connected the heels of the institution – besides known arsenic Haldirams – agreeing to merchantability a involvement successful the concern to Singapore’s state-owned concern money Temasek.

In a statement, PwC said: “This strategical determination further strengthens Haldirams' fiscal presumption arsenic it accelerates its planetary enlargement plans, peculiarly successful the US and Middle East.

"This concern marks a important measurement successful Haldirams committedness to becoming a globally recognised marque known for its premium and authentic offerings."

The presumption of Temasek's concern were not announced and the details of the concern from IHC and Alpha Wave Global were besides not disclosed.

Indian concern regular Financial Express had said Temasek is acquiring a involvement of astir 10% successful Haldirams for astir Rs86bn ($1.01bn). A Temasek spokesperson declined to remark connected whether those figures were close erstwhile approached by Just Food.

The PwC connection connected the concern from IHC and Alpha Wave Global said Haldirams is aiming to “leverage the immense expertise and networks of these investors to broaden its footprint successful cardinal planetary markets specified arsenic the US and Middle East, portion strengthening its footprint and beingness further successful India”.

It added: “These markets which show increasing request for Indian cuisine and snacks, volition beryllium the superior absorption areas successful the company’s planetary enlargement strategy.”

Alpha Wave co-founder Navroz Udwadia said: “Our concern successful Haldirams fits good with our halfway strategy of identifying and backing ascendant businesses with existent competitory moats susceptible of compounding astatine robust rates of return."

In 2023, the Competition Commission of India backed a determination by the Agarwal family, promoters of the Haldiram Group, to demerge and harvester the FMCG businesses housed successful 2 abstracted companies into Haldiram Snacks Food, the entity successful which Temasek is investing.

Under the transaction, the FMCG businesses undertaken by Haldiram Snacks Private Limited and by Haldiram Foods International Private Limited are being placed successful Haldiram Snacks Food.

The presumption of the demerger meant Haldiram Snacks Private Limited would ain 56% of Haldiram Snacks Food and Haldiram Foods International Private Limited the different 44%.

"Haldirams confirms accomplishment of much investors successful equity round" was primitively created and published by Just Food, a GlobalData owned brand.