DK Business Network
Haldiram’s has finalized a significant stake sale to Temasek, Alpha Wave Ventures, and International Holding Company, with legal counsel from Khaitan & Co and JSA Advocates & Solicitors. Representing Haldiram Foods International, Haldiram Snacks, and the Agarwal family, Khaitan & Co facilitated the sale of a 9% stake to Jongsong Investments, an investment vehicle under Temasek Holdings.
Alpha Wave Ventures II LP and International Holdings Company P.J.S.C. later agreed to acquire an additional 6% stake from existing shareholders. .This transaction values Haldiram’s at approximately $10 billion, making it one of the largest private equity investments in India’s consumer sector.
Founded in 1937 in Rajasthan, Haldiram’s commands a 13% share of India’s $6.2 billion savory snacks market, distributing its diverse product range through over 7 million outlets and exporting worldwide. The deal aligns with Temasek’s strategy to tap into India’s expanding middle-class consumer base, with plans to invest up to $10 billion in the country over the next three years, focusing on sectors such as green energy and healthcare.
The core team consisted of Mr. Haigreve Khaitan (Senior Partner), Mr. Rajat Mukherjee (Partner), Mr. Ashraya Rao (Partner).
The legal advisory was spearheaded by Khaitan & Co, with Mr. Anshuman Sakle managing competition law and Ms. Tanvi Kumar overseeing W&I insurance. Mr. Mehul Shah provided insights on structuring and demerger. Due diligence was conducted by specialists in corporate affairs, IP, employment law, and real estate, ensuring comprehensive legal support for the transaction.
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