Singapore-based investment firm Temasek has entered into an agreement to acquire an equity stake in Haldiram Snacks Food Pvt. Ltd. from its existing shareholders, the companies announced in a press release on Sunday. The transaction, subject to regulatory approvals, is expected to close soon.
The financial details of the deal were not disclosed, but the Competition Commission of India was approached in March for clearance on Temasek's plan to acquire around a 10% stake through its subsidiary, Jongsong Investments Pte.
"This transaction is not only the largest private equity consumer deal in India, but also a reflection of domestic businesses that continue to elevate India's positioning on the global stage," said Sanjeev Krishan, Chairperson, PwC India, which acted as the exclusive financial advisor. Law firm Khaitan & Co advised on the legal aspects.
A spokesperson for Haldirams said, "We are thrilled to welcome Temasek as an investor and partner. We look forward to working with them to harness their experience in the consumer space to accelerate our growth and meet evolving consumer demands."
Founded in 1937, Haldirams is one of India's largest packaged food manufacturers, known for its range of snacks, sweets, and ready-to-eat products. The company has a significant international presence.
Temasek, which has a net portfolio value of $288 billion as of March 31, 2024, has been actively investing in India's consumer and food sector.
The investment comes amid reports that a consortium led by Blackstone Inc. has emerged as the preferred bidder for a separate minority stake in Haldirams. Blackstone, along with Singapore's GIC and Abu Dhabi Investment Authority, is in talks to acquire a 20% stake for about $1.6 billion, valuing Haldirams at approximately $8 billion, Bloomberg reported.
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