Temasek Acquires 10% Stake in Haldiram's for $1 Billion The transaction marks one of the largest foreign investments in India's food sector, highlighting the growing appeal of the country's consumer market to global investors.
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Singapore's state investment firm Temasek has agreed to acquire nearly a 10 per cent stake in Haldiram's snacks business for about $1 billion, valuing the Indian company at roughly $10 billion, two sources with direct knowledge of the deal told Reuters on Wednesday. The agreement follows months of negotiations and underscores Temasek's growing focus on India's consumer market. "Haldiram's is a prized asset," said one of the sources, who requested anonymity because the decision is private. The deal signals Temasek's confidence in India's booming snacks industry, where Haldiram's holds a dominant position with a 13 per cent share of the $6.2 billion market, according to Euromonitor International.
The investment comes shortly after private equity giant Blackstone backed out of talks to acquire a minority stake in Haldiram's due to valuation concerns. Temasek's willingness to pay a premium highlights the strategic value it sees in the Indian snacks market, which has been expanding rapidly thanks to rising consumer demand and evolving tastes.
Haldiram's origins trace back to 1937, when it began as a small shop in Bikaner, Rajasthan. It has since grown into one of India's most recognizable snack brands. The company's deep-rooted brand loyalty and extensive distribution network have made it an attractive target for global investors.
Temasek's move reflects a broader strategy to deepen its presence in India's consumer sector. The firm has previously invested in Manipal Hospitals and Devyani International, which operates KFC and Pizza Hut in India. The Haldiram's deal gives Temasek a foothold in a rapidly growing snacks market that blends traditional flavors with modern retail strategies.
For Haldiram's, the partnership with Temasek could provide capital and strategic guidance to accelerate expansion and strengthen its market position amid increasing competition from both domestic and international players. The deal is expected to help Haldiram's scale its operations and possibly explore new product lines and international markets. The transaction marks one of the largest foreign investments in India's food sector.
