Khaitan & Co Advised Haldiram Group And Its Promoters On Minority Stake Acquisition By Temasek, Alpha Wave Ventures, And International Holdings Company

Khaitan & Co Advised Haldiram Group And Its Promoters On Minority Stake Acquisition By Temasek, Alpha Wave Ventures, And International Holdings Company

Khaitan & Co advised Haldiram Foods International Private Limited, Haldiram Snacks Private Limited, and their promoters, the Agarwal family, on the sale of a 9% stake in Haldiram Snacks Food Private Limited to Jongsong Investments Pte. Ltd., a special purpose vehicle owned by Temasek Holdings (Private) Limited. In a subsequent transaction, Alpha Wave Ventures II LP and International Holdings Company P.J.S.C. have agreed to acquire an additional 6% stake from existing shareholders.

The acquisition is contingent upon the completion of the demerger scheme between Haldiram Snacks Food Private Limited, Haldiram Foods International Private Limited, and Haldiram Snacks Private Limited, as well as requisite antitrust and regulatory approvals.

This deal marks India’s largest private equity investment in the consumer sector, positioning Haldiram as the country’s leading diversified snack food business with ambitious expansion plans in India and globally.

The Khaitan & Co team was led by Haigreve Khaitan (Senior Partner), Rajat Mukherjee (Partner), Ashraya Rao (Partner), Siddharth Marwah (Counsel), and Ritwik Kulkarni (Principal Associate), supported by Sourav Dan, Aayush Sood, Sheldon Dsouza, Jubin Jay, Prerna Kapur, Akhil Wilson Thomas, and Alankrita Singh.

The competition law aspects were handled by Anshuman Sakle (Partner), with support from Tanveer Verma, Shubhanshu Jain, Rishabh Vohra, Ritika Ghosh, and Sana Vaidya.

The W&I insurance and underwriting matters were led by Tanvi Kumar (Partner).

The structuring and demerger scheme was overseen by Mehul Shah (Partner).

The due diligence team worked across multiple areas. On corporate matters, the team included Palak Sanjeev Sheth, Rishika Jain, Yash Dawda, Ketan Jain, Ishita Dhotre, Khushi Sharma, and Akshita Amit. Intellectual property matters were handled by Shailendra Bhandare (Partner) and Shouraseni Chakraborty. Employment law matters were managed by Anshul Prakash (Partner) and Abhinav Rastogi (Partner), along with Deeksha Malik, Kruthi Murthy, Ransher Singh, and Varsha Sankara Raman.

The real estate team was led by Harsh Parikh (Partner), Avnish Sharma (Partner), Gaurav Dasgupta (Partner), and Kshitij Bishnoi (Partner), with support from Amruta Joshi, Siddharth Godha, Diwankar Sethi, Rupali Singh, Shreetama Chakraborty, Shrey Bheda, Deepesh Pillai, Subhadip Choudhuri, Reet Namjoshi, Riya Manuja, and Nupur Antrolikar.

Khaitan & Co played a key role in:

(i) acting as legal counsel for the sell-side auction process;

(ii) conducting legal vendor due diligence on Haldiram Foods International Private Limited, Haldiram Snacks Private Limited, and eight subsidiaries;

(iii) assisting with underwriting and W&I insurance policy inception;

(iv) executing transaction documents;

(v) reviewing and finalizing inter-se promoter arrangements; and

(vi) filing competition law approvals.

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