Space X Backer Alpha Wave Global To Buy Stake In Haldiram's

Alpha Wave Global, a UAE-based investment firm behind Space X has finalised a deal to take up a 6 per cent stake in savoury giant Haldiram‘s business, investing Rs. 5,160 crore.

Known erstwhile as Falcon Edge Capital, Alpha Wave is part of trillion-dollar empire led by UAE’s National Security Advisor Sheikh Tahnoon bin Zayed.

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The firm possess multiple investment portfolio including Elon Musk’s SpaceX and the Adani Group. Alpha Wave’s acquisition of a stake in the Haldiram Snacks Food consolidates its foothold in India’s consumer market.

This is the second time savoury giant is selling the stakes. Earlier, Singapore’s investment major Temasek had formulated a pact with the Haldiram’s promoters to acquire roughly nine percent stakes in the company.

Following the family business merger between Haldiram’s Snacks Private Limited in Delhi and Haldiram’s Food Private Limited in Nagpur into a single company, the unified entity now holds a valuation of Rs 84,000 crore. According to sources, this valuation may double upon an initial public offering (IPO), which is expected within a year.

“The ultimate plan is to come up with a public issue. However, a price discovery was needed prior to it. This was achieved by the stake sale to the two investment funds,” an insider told the Economic Times.

“This has bolstered the promoters’ confidence to enter the capital market,” the source told the ET.