Temasek’s billion-dollar bite: Haldiram’s seals $1 bn deal with Singapore giant

After months of negotiations, Singapore-based state investment company 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.

Both Temasek and Haldiram's have not yet issued an official statement, though the news agency Reuters has confirmed the signing of the deal.

Notably, private equity investors Blackstone, Alpha Wave Global, and PepsiCo were also in the race to acquire a stake in the snacks giant, but they all pulled out of the race.

Discussions began in December 2024, with these key investors initiating talks with the owners, the Agarwal family, for a possible stake sale of 10–15%. Fortune India had earlier reported that the Agarwal family was eyeing a minority stake sale at a ₹85,000–90,000 crore valuation.

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, Reuters reported.

Haldiram's has a widespread network of 100 C&F (clearing and forwarding) agents and 1,000 distributors in India, with Haldiram's products available in more than 70 lakh outlets. The company claims to be the world’s no. 1 manufacturer and exporter of Indian sweets and snacks.

The company has also created a strong network outside India, with production facilities in the U.S., U.K., Canada, Europe, Australia, New Zealand, the Far East, the Middle East, Moscow, Japan, Sri Lanka, Nepal, and Thailand.

The Haldiram's group comprises Haldiram Snacks Private Ltd (HSPL/Haldiram Snacks) and Haldiram's Foods International Private Limited (HFIPL/Haldiram Foods). HSPL is engaged in the manufacture and distribution of packaged food products in India, such as snacks, namkeen, sweets, ready-to-eat or premix food, frozen food, biscuits, non-carbonated ready-to-drink beverages, pasta, etc. Headquartered in Delhi, HSPL’s operations are primarily run by Manohar Agarwal and Madhu Sudan Agarwal (Delhi family).

Haldiram Foods International is similarly engaged in the manufacture and distribution of packaged food products such as snacks and namkeen. However, it is headquartered in Nagpur, and its operations are primarily run by Kamalkumar Shivkisan Agrawal (Nagpur family). Haldiram Snacks Food (HSFPL) is a newly incorporated entity that undertakes the FMCG business of the group.

The Indian snacks market is estimated to have reached ₹42,694.9 crore in 2023, according to IMARC Group data. Looking forward, the market is expected to exhibit a growth rate (CAGR) of 9.08% to reach ₹95,521.8 crore by 2032.