Temasek acquires 10% stake in Haldiram’s at $10 billion valuation

Singapore’s sovereign investment firm, Temasek, is set to acquire a 10% minority stake in Haldiram Snacks Food at a valuation of $10 billion (₹85,000 crore), making it one of the largest deals in India’s packaged food sector, industry sources confirmed.

The investment comes after months of negotiations, with multiple private equity firms, including Blackstone, Alpha Wave Global, and Bain Capital-led consortiums, vying for a stake in Haldiram. The definitive term sheet agreement was signed earlier this week, paving the way for regulatory approvals. The National Company Law Tribunal (NCLT) has already approved the merger of the two Haldiram factions—Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International—into a single entity under Haldiram Snacks Food.

The Agarwal family, which owns and operates Haldiram, is also considering bringing in an additional investor to sell a further stake. Additionally, an Initial Public Offering (IPO) is being evaluated for next year to leverage India’s strong stock market momentum. Initially, the promoters were open to divesting a larger share but later opted to retain a majority stake, offloading only a minority portion.

Haldiram Snacks Food generated revenues exceeding ₹12,500 crore in FY24, making it India's leading packaged snack and sweets brand with a significant market presence. The investment by Temasek is expected to fuel Haldiram’s domestic and international expansion plans, enhancing its production capacity and global reach.

Founded in 1937 by Ganga Bhishen Agarwal in Bikaner, Rajasthan, Haldiram has evolved from a local sweets and namkeen shop to a global powerhouse, selling products in over 80 countries. The brand is a household name in India, dominating the ready-to-eat snacks segment.

With the Temasek investment, Haldiram is now strategically positioned to accelerate its growth and compete more aggressively in global markets. The company’s leadership believes this capital infusion will strengthen its manufacturing, distribution, and product innovation capabilities while capitalizing on the booming Indian food sector.