Temasek looking at a stake in Haldiram’s with a $11 bn company valuation

Temasek Holdings, Singapore’s state-owned investment company, is reportedly in early discussions to acquire a minority stake in Haldiram Snacks Pvt. Ltd., India’s largest snack brand, in a potential deal valuing the company at approximately $11 billion. The investment would mark a significant move in India’s thriving consumer market, which has increasingly drawn attention from global investors.

According to reports, Temasek is considering purchasing a stake of 10% to 15% in Haldiram, famous for its wide range of traditional Indian snacks and sweets. The talks come at a time when the Agarwal family, which owns and operates Haldiram, is exploring various strategic options, including a potential sale or an initial public offering (IPO). The family has reportedly been weighing these options to sell part of the business or unlock value through the public market.

Temasek’s interest comes amid growing competition from other global investment firms like Blackstone and Bain Capital, both of which have also expressed interest in acquiring a stake in Haldiram. These firms, drawn by the rapidly expanding Indian consumer market, are looking to tap into Haldiram’s strong market presence and growth trajectory.

Haldiram’s, founded by Ganga Bishan Agarwal in the 1930s, has grown into India’s food industry powerhouse. Known for its snacks, sweets, and frozen foods, the brand has expanded internationally across India. In addition to its popular packaged snacks, Haldiram operates 43 restaurants across Delhi, strengthening its foothold in the Indian culinary market.

Temasek’s interest in Haldiram’s stake aligns with its investment strategy of acquiring minority stakes in firms across India to help them grow rather than seeking majority ownership. Over the last two decades, Temasek has invested nearly $37 billion in Indian companies, focusing on digital transformation and consumption.

While discussions are ongoing, it remains uncertain whether the negotiations will result in a finalized deal. Both Temasek and Haldiram have refrained from commenting on the speculation. However, if the deal goes through, it could pave the way for Haldiram’s highly anticipated IPO, further bolstering its growth potential in India and abroad.