With the backing of Abu Dhabi’s IHC and Alpha Wave Global, Haldirams is said to be set for international expansion.
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 per cent 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.
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 the Middle East and other international markets, according to a spokesperson, as cited in media reports.
