This deal coincides with a reunion of the family-run business. Haldiram Foods, based in Nagpur, and Haldiram Snacks in Delhi, which are managed by two branches of the Agrawal family, have completed the necessary formalities for a merger. A formal announcement is expected soon, leading to the creation of a new entity, Haldiram Foods and Snacks. The company’s offerings include salted snacks, sweets, retail stores, and eateries.
The Agrawal family, which owns the Haldiram brand, has been working towards this unification to strengthen the company’s market position. The merger plan has been approved by the National Company Law Tribunal (NCLT), and a new entity.
The company’s product portfolio spans salted snacks, sweets, retail outlets, and restaurants. With an extensive export market catering to Indian immigrants worldwide, sources told ToI the brand’s reach, goodwill, and growth potential were key factors in determining its valuation of ₹84,000 crore as a unified entity.
The restructuring is also expected to set the stage for an initial public offering (IPO). Sources involved in the deal said an official stake sale announcement is likely in the coming weeks. Talks are also underway to sell an additional 5% stake, apart from the nearly finalised 9% deal with Temasek.
Haldiram had previously attracted interest from US investment giant Blackstone Inc., but negotiations did not lead to a deal. The promoters initially considered selling a majority stake but later decided to retain control within the family.The Indian FMCG sector is witnessing a surge in mergers and acquisitions (M&A) in the snacks industry, ET reported a few months ago. After a wave of acquisitions in direct-to-consumer (DTC) startups and spice manufacturers, snack brands have now become the focus. FMCG companies are in a race to outdo each other, ensuring they do not miss opportunities for expansion through acquisitions.The number of regional snack brands and direct-to-consumer manufacturers has grown rapidly. Alongside Haldiram, Bikanerwala, and Balaji, listed companies like Bikaji Foods, Gopal Snacks, and Prataap Snacks are part of a highly fragmented ethnic snacks market filled with regional players. Many of these brands sell at lower prices than national competitors, distribute their products directly, and offer higher profit margins to retailers.
