Haldirams has a firmly established following in UAE, Gulf markets
Business Editor
2 MIN READ
Haldirams' range of snacks have significant visibility in UAE households and supermarkets.
Haldirams' range of snacks have significant visibility in UAE households and supermarkets.
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Dubai: One of India's biggest snack brands - Haldirams - has got itself a new investor from the UAE - Abu Dhabi's International Holding Company. Another investor who has picked up a piece of equity in Haldirams is Alpha Wave Global.
As a snacking brand, Haldirams has a near universal presence in UAE supermarkets, building up a sizable following among the Indian resident base in the country.
Haldirams, which is also into ready-to-eat meals, 'continues to enjoy immense popularity among consumers worldwide', said a statement.
The entry of IHC and Alpha Wave Global represents a 'strategic move' that would further strengthen Haldirams financial position. Plus, it brings in funds needed for further expansion, particularly in the US and Middle East.
It was recently that Temasek, the Singapore wealth fund, made a stake purchase in Haldirams.
"The investment reflects Alpha Wave Global’s and IHC’s commitment to backing dominant companies with strong consumer brands," said a statement.
For IHC, the Haldirams stake purchase continues a process that has seen the Abu Dhabi company expand its interests in agri and F&B space. Last year, there was the deal for the Latin American food company Grupo Nutresa.
“We are excited to join hands with Haldirams, a brand that has set the standard for excellence in the ethnic Indian snacks industry," said
This investment aligns with Alpha Wave’s and IHC’s strategy to support leading companies that are making a global impact. We look forward to working closely with Haldirams to drive innovation and expand its market presence.”
Haldirams JAFZA tie up
It was in February that Haldirams announced it is starting one of the biggest saffron processing facilities in the Gulf markets with an investment in Dubai. The facility can process up to 30 tonnes of saffron, which is a staple in Indian culinary traditions, and scale up to 100 tonnes over the next five years.
On the IHC and Alpha Wave Global deal, a Haldirams spokesperson said: "The partnership represents patient capital and long-term support to Haldirams growth plans. With this partnership, we are well-positioned to enhance our product offerings, expand our operations, and further our mission to make Haldirams a household name in Middle East and other geographies."
More to follow...
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