Companies from UAE, Singapore in race to buy stake in Haldiram, many big companies are not..

According to reports, Temasek is planning to invest $1 billion in the company. Last month, the company submitted a binding bid along with Ben Capital, but the latter later exited the deal. Sources said that the company is now in competition with Alpha Web Global, which is also vying to buy a stake.

Global investment firm Temasek is a leading contender to buy 10% stake in Haldiram Snacks Foods Pvt Ltd. The Singapore-based company has been in talks with the company for over 18 months and it is reportedly being said that the company will get a minority stake in the Indian snacks company.

According to reports, Temasek is planning to invest $1 billion in the company. Last month, the company submitted a binding bid along with Ben Capital, but the latter later exited the deal. Sources said that the company is now in competition with Alpha Web Global, which is also vying to buy a stake.

Alpha Web Capital was earlier known as Falcon Edge Capital. This company is backed by Chimera Capital which is part of the UAE royal family. It is a private investment company owned by  Sheikh Tahoon Bin Zayad. Alpha Web is also in talks with Agarwal family who is Haldiram’s promoter. In 2022, alpha web had raised a massive fund to buy the stake. None of the companies has got success to buy the stake.

The Economic Times had reported that three groups had submitted binding offers to get the 10-15% stake in the company. The three Groups were a consortium which was spearheaded by Blackstone along with Abu Dhabi investment authority.

If sources are to be believed, the promoter family wants a $10-$11 billion valuation and Ben capital did not want to negotiate the deal beyond $8.8-$9.4  billion.

Haldiram’s CEO KK Chutani and Temasek did not wish to comment over the deal. In Balckstoine’s offer, it wanted to have an authority to control the management jointly along with its say in the appointment of future CEO and CFO to which the promoter family was not ready.

According to the Bussiness report of December 7, Temasek had inked a term sheet with Haldiram.