Billion Dollar Bhujia - Khaitan & Co, JSA in Haldiram's stake sale to Temasek, Alpha Wave Ventures and IHC

Khaitan & Co and JSA Advocates and Solicitors acted on Haldiram's stake sale to Jongsong Investments Pte. Ltd. (a Temasek Holdings SPV), Alpha Wave Ventures and International Holding Company.

In a subsequent transaction, Alpha Wave Ventures II LP and International Holdings Company P.J.S.C. agreed to jointly acquire an additional 6% of Haldiram Snacks Food Private Limited from existing shareholders.

Khaitan & Co represented Haldiram Foods International Private Limited, Haldiram Snacks Private Limited, and the Agarwal family (the promoters) in the sale of a 9% stake in Haldiram Snacks Food Private Limited to Jongsong Investments Pte. Ltd.

The core team consisted of Haigreve Khaitan (Senior Partner), Rajat Mukherjee (Partner), Ashraya Rao (Partner), Siddharth Marwah (Counsel) and Ritwik Kulkarni (Principal Associate) with support from Sourav Dan (Principal Associate), Aayush Sood (Principal Associate),  Sheldon Dsouza (Principal Associate), Jubin Jay (Senior Associate), Prerna Kapur (Senior Associate), Akhil Wilson Thomas (Associate) and Alankrita Singh (Associate).

Other teams from Khaitan & Co involved in these transactions included:

• Competition Law: Anshuman Sakle (Partner), Tanveer Verma (Principal Associate), Shubhanshu Jain (Associate), Rishabh Vohra (Associate), Ritika Ghosh (Associate), and Sana Vaidya (Associate) advised on all competition law aspects.

• W&I Insurance and Underwriting: Tanvi Kumar (Partner) provided counsel on W&I insurance and underwriting matters.

• Structuring & Demerger Scheme: Mehul Shah (Partner) advised on structuring and demerger scheme related aspects.

• Due Diligence: In addition to the core team, the following members assisted in the due diligence process:

  • Corporate Matters: Palak Sanjeev Sheth (Associate), Rishika Jain (Associate), Yash Dawda (Associate), Ketan Jain (Associate), Ishita Dhotre (Associate), Khushi Sharma (Associate), and Akshita Amit (Principal Associate).

  • Intellectual Property: Shailendra Bhandare (Partner) and Shouraseni Chakraborty (Associate).

  • Employment Law Aspects: Anshul Prakash (Partner), Abhinav Rastogi (Partner), Deeksha Malik (Principal Associate), Kruthi Murthy (Principal Associate), Ransher Singh (Associate), and Varsha Sankara Raman (Associate).

  • Real Estate: Harsh Parikh (Partner), Avnish Sharma (Partner), Gaurav Dasgupta (Partner), Kshitij Bishnoi (Partner), Amruta Joshi (Counsel), Siddharth Godha (Principal Associate), Diwankar Sethi (Senior Associate), Rupali Singh (Senior Associate), Shreetama Chakraborty (Senior Associate), Shrey Bheda (Senior Associate), Deepesh Pillai (Associate), Subhadip Choudhuri (Associate), Reet Namjoshi (Associate), Riya Manuja (Associate), and Nupur Antrolikar (Associate).

JSA acted for Temasek Holdings (Private) Limited in the transaction.

The transaction was led by Vikram Raghani, Partner, with assistance from Partners, Akshay Bhargav and Niharika Mepani, Principal Associates, Vwastav Ghosh and Sushim Aryan, Senior Associate, Shubham Tejaswi Shahi, Associates, Tanishqua Desai, Pranjal Shorey and Samika Pachouly & Company Secretary, Niki Shah.

Other teams from JSA involved in these transactions included:

• Litigation and IP Team: Partners Pratik Pawar and Shanaya Cyrus & Junior Associate Irani Jatin Asrani.

• Real estate team: Partner, Gerald Manoharan, Principal Associate, Manas Ingle, and Associate, Meghana Rao.

• Employment team: Partner, Gerald Manoharan and Ayisha Mansoor & Associate, Muskan Jain.

• Data Privacy team: Partner, Yajas Setlur & Associates, Moushami Nayak and Bhargavi Kuchewar.

• Tax Team: Partners Kumarmangalam Vijay and Surajkumar Shetty.

• Competition Team: Partners Vaibhav Choukse and Ela Bali, Principal Associate, Nripi Jolly, Senior Associate, Aditi Khanna and Associate, Arundhati Rajput.

This transaction values Haldiram's at around $10 billion and marks one of the largest private equity deals in India's consumer sector. Haldiram's, established in 1937 in Rajasthan, holds a 13% share of India's $6.2 billion savory snacks market, offering a diverse range of products through over 7 million outlets and exporting globally. The deal underscores Temasek's strategy to capitalize on India's growing middle-income consumer class and its plans to invest up to $10 billion in the country over the next three years, focusing on sectors like green energy and healthcare

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