Haldiram's Tops Hurun List As India's Most Valuable Unlisted Family Business

With a valuation of Rs 63,000 crore, Haldiram Snacks Pvt. has been ranked as India's most valuable unlisted family-run business in the first edition of ‘2024 Barclays Private Clients Hurun India Most Valuable Family Businesses’ list.

The food producer and restaurant chain operator has bagged the 30th spot in the most valuable Indian family businesses list.

Haldiram Snacks is owned by the Manohar Agarwal family, with eight members actively involved in the business—the highest for any family-run business. The company is also the most valuable family business in the food and beverages industry, followed by Bikanervala.

The rankings of 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses have been determined based on company valuations as of the cut-off date—March 20, 2024.

The methodology for valuation excludes private investments and liquid assets, and it adjusts for cross-holdings to prevent double counting.

Commenting on the launch, Anas Rahman Junaid, founder and chief researcher, Hurun India, said, "Whether it's the 'bhujia' served at weddings from Haldiram's, the medicines we take from Cipla, or the biscuits from Britannia we enjoy with chai, family enterprises are integral to our daily lives. They form the backbone of both the manufacturing and services sectors, with 169 manufacturing businesses generating around Rs 68 lakh crore in value."

The owners of Haldiram Snacks have reportedly been mulling an initial public offering for the company, after earlier plans of stake sale to foreign investors hit a roadblock, according to a Bloomberg report.

The Agarwal family is considering a listing at a valuation of $8 to $8.5 billion, the report suggested.

In May this year, the company received bids from a Blackstone Inc.-led consortium featuring Abu Dhabi Investment Authority and GIC Pte, and another led by Bain & Co. and Temasek Holdings Pte. Halrdiram was reportedly looking at a $12 billion valuation.

Haldiram Snacks Pvt. started its journey in 1937 from a shop in Rajasthan's Bikaner before expanding to New Delhi in 1983.

The food chain is the combined packaged snacks and foods business of the Delhi and Nagpur factions of the Agarwal family. While the Nagpur faction of the family led Haldiram Foods International, the Delhi faction oversaw the operations of Haldiram Snacks.

The two branches of the family-run business are in the process of merger into a new entity. The new company will be named as Haldiram Snack Foods Pvt., according to reports.