SpaceX backer Alpha Wave in talks to acquire 6% stakes in Haldiram's for Rs 5,160 crore: Report

Alpha Wave Global, a backer of Elon Musk’s SpaceX, is in talks to acquire six percent stakes in Haldiram Snack Food, an Economic Times report said on Sunday. Previously known as Falcon Edge Capital, Alpha Wave Global is part of trillion-dollar empire of UAE’s national security advisor Sheikh Tahnoon bin Zayed.

As per the ET report, Alpha Wave will buy the stakes in the Indian snack giant for Rs 5,160 crore. This is the second time that Haldiram’s is selling the stakes. Earlier, Singapore’s investment major Temasek had inked a pact with the Haldiram’s promoters to acquire roughly nine percent stakes in the company. With the probable investment by Alpha Wave, the Agarwal family’s dilution in Haldiram will hit 15 percent. If actualised, the deals will be largest PE consumer deal in India so far, the ET report added.

The ET report further said that despite the potential deal, Alpha Wave will not have a seat on board of Haldiram. On the other hand, Temasek is likely to have at least one spot on the Haldiram board. Apart from SpaceX, Alpha Wave’s global portfolio include Lyft, Klarna among others.

In India, it has much wider reach. The Indian portfolio include VLCC, Lenskart, Chaayos, Dream11 among others. So far, neither Alpha Wave nor Haldiram have issued a statement in this regard. the ET report said that India’s snack market is pegged at Rs 42,694 crore as per the 2023 estimates.