IHC invests in Indian snack maker Haldiram’s

Abu Dhabi conglomerate International Holding Company (IHC), New York-based Alpha Wave Global and Singapore sovereign wealth fund Temasek have invested in an Indian snack maker as part of an equity financing round, PwC, the financial advisor to the deal, said in a statement.

Indian government-owned Press Trust of India (PTI) reported that IHC and Alpha Wave collectively acquired a minority stake of 6 percent in Haldiram’s, valuing the company at $10 billion.

Singapore-based Temasek acquired a 10 percent stake in Haldiram Snacks Food for INR85 billion ($1 billion), according to Mint, an Indian financial news outlet.

The Indian snack maker will use the funds to expand across the US and the Middle East, PwC said.

The transaction, subject to customary regulatory approvals, is expected to close soon, the statement said.

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Haldiram’s manufactures and distributes 500 food products and operates in 100 countries, including the UK, US and Japan.

Alpha Wave’s investments include companies such as Elon Musk’s SpaceX.

In October 2023, IHC increased its stake in Indian billion Gautam Adani-owned Adani Enterprises to more than 5 percent, estimated at INR1.54 billion.