Alpha Wave Global gets CCI nod to acquire stake in Haldiram Snacks Food

New Delhi: Fair trade regulator CCI on Tuesday cleared the investment company Alpha Wave Global's proposal to acquire around 10 per cent stake in Haldiram Snacks Food.

"The proposed transaction entails the acquisition of less than 10 per cent of the issued and paid-up equity share capital of the target (Haldiram Snacks Food Pvt Ltd) by the acquirers (Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP)," the Competition Commission of India (CCI) said in a release.

Haldiram Snacks Food is the combined business of the Haldiram family -- Delhi and Nagpur. It is engaged in the manufacture and sale of packaged food products like snacks, sweets, ready-to-eat products, dairy products, bakery products, chocolates, and non-carbonated ready-to-drink beverages.

"CCI approves the acquisition of certain issued and paid-up equity share capital of Haldiram Snacks Food Private Limited by Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP," the regulator said in a post on X.

In March, Haldiram Snacks Food, the country's leading snack and food brand, announced that it is selling a stake to two new investors, including Alpha Wave Global.

The announcement came a day after Haldiram confirmed the acquisition of a minority stake by Singapore-based global investment firm Temasek.

According to industry sources, IHC and Alpha Wave are collectively acquiring a minority stake of about 6 per cent stake in Haldiram Snacks Food at a valuation of USD 10 billion (around Rs 85,000 crore), which is considered to be the largest for the Indian packaged food industry.

Established in 1937 as a retail sweets and namkeen shop in Bikaner, Rajasthan, by Ganga Bhishen Agarwal, Haldiram products are sold in over 80 countries.

In 2022, it was announced that the packaged snacks businesses of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International would be first demerged and then merged into an entity named Haldiram Snacks Food.