Temasek Holdings, the Singaporean state investor, is reportedly in early discussions to acquire a 10%-15% stake in Haldiram Snacks Pvt. Ltd., valuing India’s largest snack manufacturer at approximately $11 billion. The potential deal is viewed as a significant move towards an eventual initial public offering (IPO) for the company.
Sources familiar with the negotiations, who spoke on condition of anonymity, revealed that Temasek is eyeing a minority stake in the company. However, talks are still ongoing, and there is no guarantee that a transaction will be finalized. Besides Temasek, other investors have also expressed interest in acquiring a stake in Haldiram’s.
Haldiram’s, a household name in India, was founded in the 1930s by Ganga Bishan Agarwal and has since expanded its portfolio to include a wide range of sweet and savoury snacks, frozen meals, and even a chain of 43 restaurants in and around Delhi. The Agarwal family has been exploring various strategic options for the business, including a possible IPO, according to previous reports.
Temasek, which has invested nearly $37 billion in India over the past two decades, sees India as a growing hotspot for global investors, driven by the country’s robust economic growth. The company’s India head, Vishesh Shrivastav, mentioned that Temasek plans to continue increasing its investments in the country, particularly in sectors like digitalization, consumption, and sustainability.
As Haldiram prepares for potential expansion and public listing, the deal could further solidify India’s position as an attractive destination for international capital.