Haldiram Snacks Private has earned the title of India’s most valuable unlisted family-owned business, as highlighted in the inaugural ‘2024 Barclays Private Clients Hurun India Most Valuable Family Businesses’ list. With a valuation of Rs 63,000 crore, the food and restaurant chain is ranked 30th among India’s most valuable family enterprises.
Top of the List:
Reliance Industries Limited, owned by Mukesh Ambani, secured the top position on the list. Haldiram Snacks is managed by the Manohar Agarwal family, with eight family members actively involved in the business. This is the highest number of family members participating in any such business listed.
Leading in Food and Beverages:
Haldiram Snacks is the leading family business in the food and beverages sector, surpassing competitors like Bikanervala.
How Rankings Are Determined:
The rankings are based on company valuations as of March 20, 2024. They exclude private investments and liquid assets, adjusting for cross-holdings to prevent double counting.
Anas Rahman Junaid, founder and chief researcher of Hurun India, stressed the significance of family-run businesses, noting, “Whether it’s the ‘bhujia’ from Haldiram’s, medicines from Cipla, or biscuits from Britannia, family enterprises are essential to our daily lives and form the backbone of the manufacturing and services sectors.”
IPO Consideration:
Haldiram Snacks is reportedly exploring the option of an initial public offering (IPO). This comes after previous attempts to sell a stake to foreign investors faced obstacles. The Agarwal family is considering a listing with a valuation between $8 to $8.5 billion. Earlier this year, the company received offers from a consortium led by Blackstone Inc. and another by Bain & Co. and Temasek Holdings Pte. Despite a goal of a $12 billion valuation, the IPO remains under review.
Merger Update:
Founded in 1937 in Bikaner, Rajasthan, Haldiram Snacks expanded to New Delhi in 1983. The company, which merges the packaged snacks and food businesses of its Delhi and Nagpur branches, is now integrating these branches into a new entity called Haldiram Snack Foods Pvt., according to reports.