Haldiram Snacks Named India’s Most Valuable Unlisted Family Business in 2024 Hurun List

Haldiram Snacks Pvt. has been named India's most valuable unlisted family business, according to the inaugural 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses list. Valued at Rs 63,000 crore, Haldiram Snacks holds the 30th position among the most valuable Indian family businesses.

Owned by the Manohar Agarwal family, Haldiram Snacks stands out with eight family members actively involved in the business—the highest number for any family-run company. It is also the leading family business in the food and beverages sector, ahead of Bikanervala.

The rankings, based on valuations as of March 20, 2024, were determined using a methodology that excludes private investments and liquid assets while adjusting for cross-holdings to avoid double counting.

Anas Rahman Junaid, founder and chief researcher at Hurun India, commented on the report, emphasizing the significant role of family enterprises in daily life and the manufacturing and services sectors, with 169 manufacturing businesses generating approximately Rs 68 lakh crore in value.

Haldiram Snacks' owners are reportedly contemplating an initial public offering (IPO) after previous plans to sell stakes to foreign investors faced challenges. The company is considering a listing at a valuation between $8 and $8.5 billion. Earlier this year, Haldiram received bids from a Blackstone Inc.-led consortium with Abu Dhabi Investment Authority and GIC Pte, as well as a group led by Bain & Co. and Temasek Holdings Pte, with a potential valuation of $12 billion.

Founded in 1937 in Bikaner, Rajasthan, Haldiram Snacks expanded to New Delhi in 1983. The company combines the packaged snacks and food businesses of the Delhi and Nagpur branches of the Agarwal family. The two factions are currently merging into a new entity, Haldiram Snack Foods Pvt.