Haldiram's Rs 56,000 crore stake sale has a 'SpaceX’ angle to it

In a landmark deal for India's FMCG sector, Haldiram's has finalised a Rs 5,600 crore stake sale to Alpha Wave, a UAE-based investment fund known for backing global giants like SpaceX and the Adani Group. This transaction marks a significant milestone in Haldiram's journey, as the iconic snack brand prepares for an eventual IPO.
Alpha Wave has acquired a 6% stake in Haldiram's, following a 9% stake sale to Singapore's state-owned investment firm Temasek earlier this month. The combined deals have valued Haldiram's at Rs 84,000 crore, solidifying its position as one of India's most valuable FMCG brands. Promoters, comprising the Agrawal family branches from Nagpur and Delhi, have collectively gained over Rs 13,000 crore from these transactions.
Alpha Wave, led by UAE's National Security Advisor Tahnoun Bin Zayed, has a diverse investment portfolio that includes Elon Musk's SpaceX. The firm's involvement in Haldiram's highlights the growing interest of global investors in India's consumer market, bridging the gap between cutting-edge technology and traditional FMCG businesses.
The stake sales come after the merger of Haldiram's Snacks Private Limited (Delhi) and Haldiram's Food Private Limited (Nagpur) into a single entity. This consolidation has paved the way for an initial public offering (IPO), expected within a year. Industry insiders suggest that Haldiram's valuation could double upon entering the capital market.
To ensure fair competition, Haldiram's has sought approval from the Competition Commission of India (CCI) following the Temasek deal. The company is also in talks with a domestic private equity firm to offload an additional 1-2% stake, further strengthening its financial position.