The Competition Commission of India (CCI) has given its approval to Alpha Wave Global, a prominent US private equity firm, for its acquisition of a minority stake in Haldiram Snacks Food Private Limited. This clearance, announced by the fair trade regulator today, Tuesday, June 24, 2025, marks a significant development for India’s leading snack and food brand.
The proposed transaction involves Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP, both private equity funds managed by Alpha Wave Global, acquiring less than 10% of the issued and paid-up equity share capital of Haldiram Snacks Food Pvt Ltd. While the exact deal size was not publicly announced by Alpha Wave Global in March when the investment was first revealed, industry estimates suggest the collective minority stake acquisition by IHC (International Holding Company) and Alpha Wave could be valued at approximately USD 10 billion (around ₹85,000 crore) for Haldiram Snacks Food, making it potentially the largest private equity investment in India’s packaged food industry to date.
The CCI’s approval signifies that the regulator found no “appreciable adverse effect on competition” within the relevant markets, irrespective of how they are precisely defined. This is a crucial step in such large-scale transactions, ensuring that the deal does not lead to a concentration of power that could harm consumers or competitors.
Haldiram Snacks Food Pvt Ltd represents the combined business of the Delhi and Nagpur factions of the Haldiram family. Established in 1937 in Bikaner, Rajasthan, as a retail sweets and namkeen shop, Haldiram has evolved into a global brand, manufacturing and selling a wide range of packaged food products including snacks, sweets, ready-to-eat items, dairy products, bakery items, chocolates, and non-carbonated ready-to-drink beverages. Its products are sold in over 80 countries worldwide.
This investment from Alpha Wave Global and IHC follows a recent minority stake acquisition by Singapore-based global investment firm Temasek, announced just a day prior to the initial revelation of the Alpha Wave and IHC deal in March. These strategic investments are expected to significantly bolster Haldiram’s financial position and accelerate its global expansion plans, particularly targeting markets in the US and the Middle East where there is a growing demand for Indian cuisine and snacks.
The infusion of capital and strategic expertise from global investors like Alpha Wave Global is poised to help Haldiram further enhance its product offerings, expand its operations, and solidify its position as a globally recognized brand synonymous with authentic Indian food. The detailed order from the Competition Commission of India is expected to be released soon.
Key Highlights:
- The Competition Commission of India (CCI) has approved Alpha Wave Global’s acquisition of a minority stake (less than 10%) in Haldiram Snacks Food Private Limited.
- This investment, potentially valuing Haldiram Snacks Food at $10 billion (₹85,000 crore) alongside an investment from IHC, is one of the largest private equity deals in India’s packaged food sector.
- Haldiram Snacks Food, combining the Delhi and Nagpur businesses, manufactures a wide range of packaged food products and aims to accelerate its global expansion, particularly in the US and Middle East, with this new capital.
- The CCI’s approval indicates no significant anti-competitive concerns arising from the transaction, clearing the way for the investment to proceed.