Haldiram's partners with Temasek for strategic investment

Haldiram Snacks Food Pvt. Ltd., one of India’s leading packaged food brands, has entered into an agreement with Singapore-based investment firm Temasek. As part of the deal, Temasek will acquire an equity stake from existing shareholders, providing Haldiram's with fresh strategic backing to accelerate its expansion in India and overseas. 

Although, the announcement did not disclose details of the stake sale, it was reported earlier  that Temasek has bought a 10% stake in the India business of snacks major Haldiram's at a cost of about $1 billion, with a valuation of about $10 billion.

The investment, subject to regulatory approvals, comes at a time when the Indian snacks and packaged foods market is witnessing heightened competition. Haldiram's, known for its extensive range of traditional Indian snacks and sweets, aims to leverage Temasek’s global expertise to strengthen its market position and scale its international footprint.

“We are thrilled to welcome Temasek as an investor and partner in Haldiram's,” a company spokesperson said. “We look forward to working with them to harness the value they bring from their experience in the consumer space to accelerate our growth and strengthen our ability to meet evolving consumer demands.”

The transaction was facilitated by PwC’s Investment Banking team, which served as the exclusive financial advisor, while Khaitan & Co provided legal advisory services.

Commenting on the deal, Sanjeev Krishan, chairperson of PwC India, said, “At PwC, we take pride in being catalysts of entrepreneurial success—helping businesses transform into global giants. Our decade-long collaboration with Haldiram's exemplifies this commitment. This transaction is not only the largest private equity consumer deal in India but also a reflection of domestic businesses elevating India’s positioning on the global stage.”

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. 

Temasek, with a portfolio value of S$389 billion (US$288 billion) as of March 2024, has a presence in key global markets. The investment firm follows a long-term approach to growth, with a focus on delivering sustainable returns.