Singapore-based investment firm Temasek has signed a definitive agreement to acquire a 10% stake in Haldiram Snacks Food at a valuation of $10 billion. This transaction marks one of the largest deals in India’s packaged consumer goods sector..
Haldiram Snacks Food, a leading Indian snack and convenience food company, reported a revenue of Rs 12,800 crore in FY24. The company manufactures and distributes 500 varieties of snacks, namkeen, sweets, ready-to-eat meals, pre-mixed foods, and non-carbonated beverages. It operates in over 100 countries, including the UK, the US, and the Middle East.
Temasek’s agreement follows Bain Capital’s decision to exit negotiations after the two firms had jointly submitted a binding bid last year. Bain Capital reportedly opted out after declining to meet the $10-11 billion valuation sought by Haldiram. Other contenders in the race included a consortium led by Blackstone alongside Abu Dhabi Investment Authority and Singapore’s GIC, as well as Alpha Wave Global. While Haldiram may still bring Alpha Wave Global or Blackstone on board, the current agreement is exclusively with Temasek, sources familiar with the matter said.
Haldiram Snacks has drawn significant investor interest in recent years. The company, founded by the Aggarwal family, has previously been approached by major private equity firms such as General Atlantic, Capital International, TA Associates, Warburg Pincus, and Everstone. Global packaged foods players like PepsiCo and Kellogg have also shown interest in the company.
In a key restructuring move, the Delhi and Nagpur branches of Haldiram have merged under a plan approved by the National Company Law Tribunal (NCLT) in April 2024. The Competition Commission of India (CCI) had also greenlit the merger.
To streamline its operations, Haldiram appointed KK Chutani as its professional CEO in May 2023, a significant step seen as preparation for selling a minority stake and improving corporate governance. The recent deal with Temasek does not include Haldiram’s Rs 1,800 crore restaurant business.
According to IMARC Group, the Indian snacks market was valued at Rs 42,694.9 crore in 2023 and is projected to more than double to Rs 95,521.8 crore by 2032. In recent years, Haldiram has diversified beyond its traditional snack offerings with brands like Minute Khana, Cup Shup, Cookie Heaven, and Cocobay chocolates, positioning itself to compete with established players such as Britannia, Mondelez, and Amul.