Shiv Ratan Agarwal — founder, promoter, chairman, and whole-time director of Bikaji Foods International — has passed away at 74 following a heart attack; he built Bikaji (established as Shivdeep Products in 1986, rebranded as Bikaji in 1993) from a Bikaner-based snacks business into the world's largest manufacturer of Bikaneri bhujia (35,000+ tonnes annually), led the November 2022 IPO, and had a net worth over ₹9,200 crore as of March 2026; he was a grandson of the founder of the Haldiram's family business.

Shiv Ratan Agarwal, the promoter, chairman, and whole-time director of Bikaji Foods International, passed away at the age of 74 following a heart attack. He was widely recognised for transforming Bikaji from a regional snacks business in Bikaner into one of India's leading ethnic snacks companies and a globally known FMCG brand. A grandson of the founder of the Haldiram's family business, he separated from the family business in 1986 to establish Shivdeep Products, which was later rebranded as Bikaji in 1993. His biggest contribution was modernising the production of Bikaneri bhujia — at a time when the snack was largely handmade, he introduced advanced machinery capable of mass production while preserving its traditional taste and texture. This made Bikaji the world's largest manufacturer of Bikaneri bhujia, producing over 35,000 tonnes annually, with exports to markets including the UAE and Australia. Under his leadership, Bikaji grew into India's third-largest ethnic snacks company and completed its public listing in November 2022. Bikaneri bhujia has also received Geographical Indication (GI) status, protecting its regional identity linked to Bikaner in Rajasthan. As of March 2026, his estimated net worth was over ₹9,200 crore. His son, Deepak Agarwal, serves as the managing director. The company now operates with a professional executive board and six manufacturing facilities across India.

Identity

Shiv Ratan Agarwal — founder, promoter, chairman, and whole-time director of Bikaji Foods International

Passing

Aged 74, following a heart attack

Family background

Grandson of the founder of the Haldiram's family business — one of India's most well-known traditional snacks families

Business founding

Separated from the family business in 1986 to establish Shivdeep Products; rebranded as Bikaji in 1993

Production scale

World's largest manufacturer of Bikaneri bhujia — 35,000+ tonnes produced annually

Export markets

UAE and Australia among international markets

Industry position

India's third-largest ethnic snacks company

Public listing

November 2022 — Bikaji Foods International listed on Indian stock exchanges

Estimated net worth

Over ₹9,200 crore (as of March 2026)

Succession

Son Deepak Agarwal serves as Managing Director; company has professional executive board

Manufacturing footprint

Six manufacturing facilities across India

GI status

Bikaneri bhujia has received Geographical Indication (GI) status, protecting its regional identity linked to Bikaner, Rajasthan

Philosophy slogan

'Aslee Parampara' (true tradition) — innovation anchored in traditional heritage

• •Bikaji Foods International: Indian ethnic snacks and FMCG company; headquartered in Bikaner, Rajasthan; publicly listed since November 2022 on BSE and NSE
• •Bikaneri bhujia: Traditional spicy snack originating from Bikaner, Rajasthan; key ingredients include moth bean flour (moth dal), besan, and spices; Bikaji is the world's largest manufacturer
• •Geographical Indication (GI) status — Bikaneri bhujia: Bikaneri Bhujia received GI status under the Geographical Indications of Goods (Registration and Protection) Act, 1999; protects regional identity and restricts use of the name to products from the specific region
• •Haldiram's lineage: Haldiram's traces back to Ganga Bhishen Agarwal (known as 'Haldiram'); family business founded in Bikaner in the early 20th century; one of India's oldest ethnic snacks brands
• •Shiv Ratan Agarwal: Founder of Bikaji (1986 as Shivdeep Products → 1993 as Bikaji); grandson of Haldiram's founder; transformed Bikaneri bhujia through mechanised production
• •Bikaji IPO: November 2022 — Bikaji Foods International went public on Indian stock exchanges; gave major liquidity and valuation to the promoter family
• •FMCG: Fast-Moving Consumer Goods — products sold quickly at relatively low cost; includes packaged food, beverages, personal care items
• •Indian ethnic snacks industry: Large and growing category; major players include Haldiram's, Bikaji, Balaji Wafers, ITC (Bingo), Prataap Snacks (Yellow Diamond)
• •GI Act, 1999: Geographical Indications of Goods (Registration and Protection) Act, 1999; under the Department for Promotion of Industry and Internal Trade (DPIIT); registers GI tags for products like Darjeeling tea, Basmati rice, Kanjeevaram silk, Bikaneri bhujia
• •Bikaner: City in Rajasthan's Thar Desert; known for havelis, camel fair, bhujia production; founded by Rao Bika in 1488

1. Early 20th century
   Haldiram's family business founded in Bikaner by Ganga Bhishen Agarwal (known as 'Haldiram').
2. 1986
   Shiv Ratan Agarwal separates from the family business; establishes Shivdeep Products.
3. 1993
   Shivdeep Products rebranded as Bikaji.
4. 2000s-2010s
   Bikaji scales production of Bikaneri bhujia with mechanised manufacturing; becomes world's largest producer; expands to exports.
5. November 2022
   Bikaji Foods International lists on Indian stock exchanges (IPO).
6. March 2026
   Shiv Ratan Agarwal's estimated net worth exceeds ₹9,200 crore.
7. 24 April 2026
   Shiv Ratan Agarwal passes away at age 74 following a heart attack.

• Trap · Bikaji vs Haldiram's

  Correct: Haldiram's is the OLDER, ORIGINAL family business (founded by Ganga Bhishen Agarwal, known as 'Haldiram', early 20th century in Bikaner). Bikaji is the NEWER, INDEPENDENT business established in 1986 by Shiv Ratan Agarwal (grandson of Haldiram) after he separated from the family. Two distinct companies with shared family lineage — don't conflate.

• Trap · Shivdeep Products vs Bikaji

  Correct: Same company, TWO DIFFERENT names. SHIVDEEP PRODUCTS = 1986 founding name. BIKAJI = 1993 rebrand. The corporate lineage is continuous; the name changed.

• Trap · IPO year

  Correct: November 2022 — NOT 2020 or 2024. Recent Indian FMCG IPO cohort, alongside companies like Nykaa (November 2021), Delhivery (May 2022).

• Trap · Role titles

  Correct: Shiv Ratan Agarwal held MULTIPLE roles: founder + promoter + chairman + whole-time director. 'Managing Director' is his SON Deepak Agarwal's role — not Shiv Ratan's.

• Trap · GI Act year

  Correct: Geographical Indications of Goods (Registration and Protection) Act = 1999. NOT 1995 or 2002. Administered by DPIIT (Department for Promotion of Industry and Internal Trade) under the Ministry of Commerce and Industry.

• Trap · Bikaneri bhujia — composition

  Correct: Bikaneri bhujia is made from MOTH BEAN FLOUR (moth dal) + besan (gram flour) + spices. NOT just besan. The distinctive moth-bean usage is what gives it its characteristic texture and taste.

• Trap · India's largest vs third-largest ethnic snacks

  Correct: Bikaji is INDIA'S THIRD-LARGEST ethnic snacks company. Not first, not second. Haldiram's is larger. Other competitors include Balaji Wafers, ITC Bingo, and Prataap Snacks (Yellow Diamond).