Temasek, a prominent Singaporean investment firm, has finalized a deal to acquire a 10% stake in Haldiram Snacks Food, valued at $10 billion. The agreement, signed on Tuesday evening, marks the largest transaction in the packaged consumer goods sector to date.
While the deal with Temasek is confirmed, Haldiram may bring in additional investors, such as Alpha Wave Global or Blackstone, at a later stage, according to sources familiar with the negotiations.
In the fiscal year 2024, Haldiram Snacks reported impressive revenues of Rs 12,800 crore. The company produces a diverse range of products, including over 500 types of snacks, namkeen, sweets, ready-to-eat meals, pre-mixed foods, and non-carbonated ready-to-drink beverages. With operations in more than 100 countries, including major markets like the UK, US, and the Middle East, Haldiram continues to expand its global footprint.
Temasek’s move comes after it emerged as the leading bidder for the snack giant, as reported by The Economic Times on January 8. Initially, Temasek had joined forces with Bain Capital to place a binding bid late last year. However, Bain Capital later withdrew, leaving Temasek to pursue the deal independently.
Last year, three private equity groups, including a consortium led by Blackstone, Abu Dhabi Investment Authority, and Singapore’s GIC, along with the Temasek-Bain team and Alpha Wave, had all placed binding bids for a 10-15% stake in Haldiram.
Bain Capital, however, opted not to negotiate further when the valuation exceeded $8.8-$9.4 billion (Rs 75,000-80,000 crore), according to insiders.
Neither Temasek nor Haldiram’s CEO, KK Chutani, provided any comments on the matter. Founded by the Aggarwal family, Haldiram Snacks has long been a prime target for investment, attracting top-tier global private equity firms for nearly a decade.
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