CCI clears Alpha Wave's stake in Haldiram's, Manipal's Aakash acquisition, and Bain's Manappuram deal

The antitrust regulator Competition Commission of India (CCI), today cleared three key investment proposals, which involve stake acquisitions in Aakash Educational Services, Manappuram Finance, and Haldiram Snacks by major investors such as Manipal Group, Bain Capital, and Alpha Wave Ventures.

Haldiram's Snacks

The competition watchdog has also approved the acquisition of under 10% equity in Haldiram's Snacks Food by private equity funds Alpha Wave Ventures and Alpha Wave IHC CI Alpha Wave, backed by UAE’s IHC. Haldiram's manufactures and sells packaged foods, snacks, sweets, ready-to-eat meals, dairy, bakery items, chocolates, and beverages.

"The exact delineation of the relevant market may be left open as the Proposed Transaction does not give rise to any competition law concerns, irrespective of the manner in which the markets are defined," the CCI order stated. Reports suggest the investors could pour in Rs 5,100 crore in Haldiram's at $1 billion valuation.

The CCI approval comes just a month after it approved a minority stake (10%) acquisition in Haldiram's Snacks by Jongsong Investments Pte. Ltd., a wholly owned subsidiary of Singapore-based Temasek Holdings. Earlier, Fortune India had reported that Temasek could buy a 10% stake in the India business of snacks major Haldiram's at $1 billion, with a valuation of about $10 billion.

Moreover, the investment approval in Haldiram's Snacks comes at a time when the Indian snacks and packaged foods market is witnessing heightened competition. Haldiram's started its operations with a shop way back in 1937 in the city of Bikaner in Rajasthan. The company now controls around a 13% share in India's $6.2 billion savoury snacks market.

Aakash Educational Services

The Competition Commission of India (CCI) has approved the acquisition of Aakash Educational Services Ltd by Manipal Health Systems Pvt Ltd and Manipal Education and Medical Group India Pvt Ltd. Aakash offers coaching services for Class 8-12 students, including preparation for Olympiads, NTSE, and entrance exams. It provides classroom, online, distance, and hybrid learning programmes. The Ranjan Pai-led group acquired the equity shares from individual shareholder J.C. Chaudhry.

Manappuram Finance and Manappuram Asset Finance

The CCI has also approved Bain Capital’s acquisition of stakes in Kerala-based NBFCs Manappuram Finance and Manappuram Asset Finance. The investment will be made through Bain-led entities BC Asia Investments XXV and XIV. Bain invests in sectors including IT, healthcare, retail, communications, and financial services.