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Business
Temasek Buys 10% Stake in Haldiram for $1 Billion
Published
15 hours ago
on
March 12, 2025
By
Karan Karayi, Editor-in-Chief
The move is a strategic billion-dollar bet on India’s snack empire
In a landmark transaction that signals growing international confidence in India’s consumer sector, Singapore’s sovereign wealth fund Temasek has acquired a 10% stake in Haldiram’s snacks business for $1 billion. This strategic investment values the iconic Indian snack maker at an impressive $10 billion and positions both entities for accelerated growth in one of the world’s fastest-expanding consumer markets.
Temasek’s investment comes after an intense bidding war that saw American private equity giant Blackstone also vying for a significant stake, albeit at a lower valuation. Temasek’s willingness to meet the premium valuation underscores its long-term commitment to India’s consumer story and confidence in Haldiram’s growth trajectory.
The deal represents more than just a financial transaction—it’s a strategic alliance that could transform both organizations. For Temasek, this acquisition aligns perfectly with its strategy of increasing exposure to India’s burgeoning middle class and their evolving consumption patterns. The investment provides Temasek with a significant foothold in India’s $6.2 billion savory snacks market through a brand that commands approximately 13% market share.
For Haldiram’s, Temasek’s investment brings not just capital but also global expertise and connections. The Indian snack maker, which has already demonstrated impressive growth with net sales reaching ₹4,551 crore ($550 million) in FY24—a 10.9% year-over-year increase—can leverage Temasek’s international network to potentially accelerate its global expansion plans.
The transaction also comes at a pivotal moment for Haldiram’s corporate structure. The Delhi and Nagpur branches of the family business recently merged their FMCG operations into a single entity—Haldiram Snacks Foods Private Ltd (HSFPL)—creating a more streamlined organization that will manage consumer product operations for the entire group. This consolidated structure, coupled with Temasek’s investment, positions Haldiram’s for its rumored initial public offering within the next year.
An IPO would represent the culmination of Haldiram’s remarkable journey from a small sweet shop in Bikaner, Rajasthan, to a global snack powerhouse with a diverse portfolio spanning packaged snacks and restaurant chains. It would also provide early investors like Temasek with a potential exit strategy and valuation upside.
The investment also highlights the growing international appetite for India’s food and beverage sector. As one of the largest recent transactions in India’s FMCG space, the deal could catalyze a wave of foreign investments in similar businesses, potentially transforming the competitive landscape.
As Haldiram’s prepares for its next phase of growth with Temasek’s backing, the Indian snack giant stands at the threshold of transforming from a family-owned business to a globally recognized corporate entity, while maintaining the authentic flavors and quality that have made it a household name across India for generations.
