Days after ethnic snacks major Bikaji, a company from the stable of the original Haldiram family, listed on the bourses, the other three brothers, who run Haldiram’s in Delhi and Nagpur have decided to merge their operations to create one snacking behemoth.
CNBC-TV18 has learnt from sources that the process of the merger between Delhi-based Haldiram Snacks and Nagpur-based Halidram Foods International is currently underway and bankers have been approached for the same.
The merger is part of a plan to file for an initial public offering (IPO) in a bid to debut on Dalal Street in the next 18 months, as per people in the know.
According to data from a survey from Frost & Sullivan commissioned during Bikaji’s IPO, both the Haldiram companies combined currently hold 48.5 percent share in India’s ethnic snacks market and 8.6 percent share in the western snacks market.
The owners of both Haldirams and Bikaji are four brothers who split the original Haldiram, founded in 1932 by their grandfather Ganga Bishan Agarwal. The oldest brother Shiv Kishan Agarwal runs the Nagpur entity with control over the west and south India market, while the second brother Shiv Ratan Agarwal runs Bikaji.
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The youngest two brothers Manohar and Madhusudan Agarwal run the Delhi-based entity with control over the north India market. Together the family controls nearly 50 percent of India’s ethnic snacks market.
(Edited by : Abhishek Jha)
First Published: Nov 18, 2022 1:35 PM IST
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