Haldiram Snacks India’s leading ethnic snacks manufacturer has attracted significant investor interest with its Rs 90000 crore valuation. Among the prominent contenders vying for a minority stake are PepsiCo Temasek and Alpha Wave Global as reported by The Economic Times. Competition For Haldiram’s Minority Stake PepsiCo known for its global snack and beverage brands has entered the competition alongside Temasek and Alpha Wave Global which have already advanced their negotiations with the Agarwal family founders of Haldiram. Offers for a 10-15% stake were reportedly made by these contenders in December 2024. Executives from PepsiCo’s New York headquarters have engaged in preliminary discussions with the Agarwal family in recent weeks. The potential transaction is expected to be funded primarily by PepsiCo’s US parent while its Indian division will play a lesser role. This marks the first time Haldiram is considering bringing on an external investor with the family seeking a valuation between ₹85000 crore and Rs 90000 crore. PepsiCo’s Strategic Move For Haldiram Stake PepsiCo’s interest in Haldiram is tied to its challenges in India’s competitive snacks market where regional players like Bikanerwala Balaji Bikaji Foods Gopal Snacks and Prataap Snacks have eaten into its market share. While PepsiCo leads the western snacks segment with a 24% market share it lags in ethnic snacks like namkeen and bhujiya. A partnership with Haldiram could give PepsiCo access to a vast distribution network and bolster its presence in this high-growth segment. PepsiCo India’s head Jagrut Kotecha was appointed to revitalize the company’s snacks business aligning with this strategic push. PepsiCo has a history of acquisitions in India including its Uncle Chipps purchase in 2000 and the launch of Doritos in 2016-17. Haldiram’s Potential Strategy Despite the interest analysts speculate that Haldiram may demand a premium or consider selling a majority stake instead of a minority one. Previous discussions with companies like Mondelez Kellogg’s and Tata Consumer have failed to materialize signaling the Agarwal family’s inclination to hold out for higher valuations. Currently Temasek is leading discussions for a minority stake with a valuation exceeding $1 billion while rival bids from entities like Blackstone and Alpha Wave Global intensify the competition. As negotiations continue the outcome could significantly reshape the dynamics of India’s snacks industry.