Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Abu Dhabi-based investor International Holding Company (IHC) has decided to invest in India’s leading snack company Haldirams, whose variety of savouries are popular with subcontinental expatriates living in the UAE.
A statement by Haldirams confirming the investment was posted on the Abu Dhabi Securities Exchange (ADX) website on Monday. Alongside IHC, US-based investor Alpha Wave Global has joined the company's ongoing equity round, following Singapore sovereign investor Temasek’s participation.
No financials on the extent of IHC’s investment in the Indian snacks company were given.
Established in 1999, IHC, a listed company at the ADX with huge footprint across the UAE and the world, has become the most valuable holding company in the Middle East and one of world's largest investment firms, with a market capitalisation of Dh876.5 billion.
Haldirams, established in 1937, is known for its wide range of Indian snacks, sweets, and ready-to-eat products. Haldirams brand has become synonymous with Indian food. The company pioneered automated manufacturing in traditional snacks and has grown to become one of the largest manufacturers of packaged foods in India with a significant international presence.
Syed Basar Shueb, CEO of IHC, said, “We are excited to join hands with Haldirams, a brand that has set the standard for excellence in the ethnic Indian snacks industry. This investment aligns with Alpha Wave’s and IHC’s strategy to support leading companies that are making a global impact.”
Rick Gerson, Co-founder and Chairman of Alpha Wave Global, praised Haldirams’ long-standing reputation, stating, “Over 90 years, the Agarwal family has built Haldirams into one of the most loved and iconic brands in India. We are proud to become a shareholder and partner with Haldirams in this next stage of their growth.”
A Haldirams spokesperson emphasised the strategic significance of the partnership, saying, “We are excited to welcome IHC and Alpha Wave Global as partners in our journey of global growth. The partnership represents patient capital and long-term support to Haldirams’ expansion plans.”
The investment will support Haldirams' ambitions to scale its operations in key markets, particularly the US and the Middle East, catering to the growing global demand for Indian cuisine and snacks.
“With the backing of Alpha Wave Global and IHC, Haldirams is set to leverage the vast expertise and networks of these investors to broaden its footprint in key international markets such as the US and Middle East, while strengthening its footprint and presence further in India,” the statement said.
