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ADIA consortium bids for stake in India’s largest snack maker

ADIA bid Haldiram Reuters/M.Sriram
Haldiram manufactures and distributes 500 food products and operates in 100 countries

A consortium including Abu Dhabi Investment Authority (ADIA) has submitted a bid to acquire a controlling stake in the snacks business of India’s Haldiram, according to a media report.

The consortium, which also include US-based alternative asset manager Blackstone and GIC of Singapore, aims to secure 75 percent of the Indian company’s snacks unit, valuing it at up to $8.5 billion, Reuters reported.

ADIA, the UAE’s largest sovereign wealth fund, and GIC are investors in Blackstone’s international funds.

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

The company’s restaurants business is not part of the sale, India’s Economic Times reported.

The combined revenue of Haldiram’s snacks business is expected to be 145 billion rupees ($1.7 billion) in 2024, the newspaper said.  

Last month ADIA and India’s Kotak Alternative Investment Fund announced a $240 million investment to support Indian developer Prestige Group in building residential projects across four Indian cities.

The Abu Dhabi wealth fund has already acquired shares in the Indian budget carrier SpiceJet.

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