Haldiram's

Haldiram's

Ganga Bishan Agarwal founded the business as a modest namkeen shop in Bikaner in 1937. His grandson, Shiv Kishan Agarwal, relocated operations and built the enterprise into two territorial branches — Haldiram Foods International in Nagpur and Haldiram Snacks in Delhi, run by managing director Manohar Lal Agarwal. The family retains control while raising outside capital for the first time in its eight-decade history. The firm deploys capital primarily into its own vertically integrated supply chain, operating large-scale manufacturing plants in Nagpur and Noida's Sector 63 that produce sweets, namkeen, and frozen foods under the Haldiram's brand. Beyond organic infrastructure, it holds commercial real estate in high-footfall zones, including retail spaces at Bhutani City Center 32 in Noida. In 2025, Temasek acquired a 10% stake in Haldiram Snacks Food for $1 billion, and Alpha Wave Global took a further 6%, creating a structured vehicle for international expansion. The business now targets the UK and EU markets, with family member Rhea Agarwal leading business development in those regions. The company maintains a pan-India restaurant chain alongside its packaged-goods business. April 2025: Temasek closed its $1 billion acquisition of a 10% stake in Haldiram Snacks Food, marking the firm's first external equity raise. Alpha Wave Global and L Catterton are positioned as strategic partners for global expansion. The enterprise engages with industry procurement bodies such as the Hospitality Purchasing Managers' Forum and runs corporate social responsibility initiatives out of Nagpur. Haldiram's does not operate a conventional family-office investment arm — its capital deployment is fused with its manufacturing and retail operating company. The 2025 minority sales carve out an external valuation and create liquidity without ceding family control, an architecture that more midsized Indian consumer conglomerates are now studying as a succession and expansion template.