Bain partners with Temasek to compete with Blackstone-led consortium for controlling a stake in Haldiram's

Mumbai/IBNS: American private investment firm Bain Capital and Singapore-based Temasek have partnered to compete with Blackstone-led consortium for a majority stake in Haldiram Snacks Food, potentially India's largest private equity purchase to date, reports Economic Times.

IBNS • 16 May 2024, 03:15 am

According to an ET report, the two companies made a non-binding offer, valuing the company at $8-8.5 billion (Rs 66,400-70,500 crore).

Blackstone, one of the largest alternative asset managers of the world, had previously partnered with Abu Dhabi Investment Authority (ADIA) and Singapore's sovereign wealth fund GIC to bid for a controlling stake of up to 76 percent in Haldiram Snacks Food Pvt Ltd (HSFPL), one of India's largest snack and convenience foods companies, as reported by ET.

Temasek, ADIA, and GIC are limited partners in Bain's global funds, reports ET.

In November last year, Bain successfully increased its fifth pan-Asia private equity fund, surpassing its target by 40 percent with a total of $7.1 billion.

HSFPL represents the combined packaged snacks and foods businesses of the Agarwal family’s Delhi and Nagpur factions.

In April 2023, the Competition Commission of India approved the demerger of Haldiram Foods International Private Limited and Haldiram Snacks Private Limited’s FMCG businesses into a new entity called Haldiram Snacks Foods.

Haldiram’s offers a wide range of products under well-known brands such as Haldiram’s, Haldiram’s Prabhuji, Bikanervala, Bhikharam Chandmal, Bikaji, and Bikano.