CCI Approves Alpha Wave Global, IHC's Minority Stake Acquisition in Haldiram Snacks Food

The Competition Commission of India has approved US private equity firm Alpha Wave Global and the UAE-based International Holding Co.'s proposed acquisition of a minority stake in Haldiram's Snacks Food Pvt Ltd. The transaction, carried out through Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP, involves acquiring less than 10% of the issued and paid-up equity share capital of Haldiram's Snacks Food.

"The exact delineation of the relevant market may be left open as the Proposed Transaction does not give rise to any competition law concerns, irrespective of the manner in which the markets are defined," CCI said in its order.

In March, Haldiram's Snacks Food, one of India’s most iconic snack and packaged food brands, announced that it would be on boarding two new investors, including Alpha Wave Global. While the investment firm did not disclose the deal size, market estimates suggest the transaction could be worth around ₹5,100 crore, valuing Haldiram’s at approximately $10 billion (₹86,000 crore).

Just a day later, Haldiram's confirmed that Temasek Holdings, the Singapore-based global investment company, had acquired a minority stake in the business. The deal received clearance from India’s antitrust regulator in May. Haldiram's Snacks Food represents the unified operations of the Delhi and Nagpur branches of the Haldiram family. Founded in 1937 in Bikaner, Rajasthan, Haldiram's began as a humble sweet and namkeen shop and has grown into a global powerhouse, with its products now available in over 80 countries.

The company’s diverse portfolio includes packaged snacks, sweets, ready-to-eat meals, dairy products, and more—solidifying its position as a household name across Indian and international markets.

In 2022, it was announced that the packaged snacks businesses of Delhi-based Haldiram's Snacks and Nagpur-based Haldiram's Foods International would first undergo a demerger, followed by a merger into a single entity under the name Haldiram's Snacks Food, setting the stage for this latest round of investment and growth.