Temasek acquires 10% stake in Haldiram’s for $10 billion; India’s largest packaged food investment deal

Singapore-based global investment firm Temasek has acquired a 10% equity stake in Haldiram Snacks Food Pvt. Ltd. from its existing shareholders. The deal values Haldiram’s at approximately $10 billion (₹85,000 crore), making it the largest private equity investment in India’s packaged food sector. The transaction is subject to regulatory approvals and is expected to close soon.

Haldiram’s, founded in 1937 in Bikaner, Rajasthan, has grown from a small sweets and namkeen shop into a leading packaged food brand with a presence in over 80 countries. In 2022, the company consolidated its Delhi and Nagpur-based businesses under Haldiram Snacks Food Pvt. Ltd. The latest investment aims to strengthen its market presence amid rising competition in the global snacks industry.

A Haldiram’s spokesperson stated, “We are thrilled to welcome Temasek as an investor and partner in Haldiram’s. We look forward to working with them to harness the value they bring from their experience in the consumer space to accelerate our growth and strengthen our ability to meet evolving consumer demands.”

PwC acted as the exclusive financial advisor for the transaction. Industry sources indicate that Haldiram’s promoters are also considering selling an additional 6% stake to Alpha Wave Global. Several private equity firms, including Blackstone, Bain Capital, and a Bain-led consortium, had shown interest in acquiring a stake in the company.

The deal is expected to provide capital for Haldiram’s expansion in domestic and international markets. It also highlights the growing investor interest in India’s consumer goods sector, particularly in the packaged food industry, as companies seek to scale operations and expand globally.