Haldiram Snacks Singapore-based Temasek in talks for $1 billion-plus stake in Haldiram Snacks: Report
Mumbai/IBNS: Temasek Holdings Pte. is in discussions to acquire a minority stake in Haldiram Snacks Pvt Ltd., potentially valuing India’s largest snack producer at approximately $11 billion, Bloomberg reported, citing sources familiar with the matter.
The Singaporean state-owned investor is reportedly exploring the possibility of purchasing a 10 percent to 15 percent stake in Haldiram, though talks are still at an early stage, and the sources, who requested anonymity due to the sensitive nature of the negotiations, cautioned that a deal may not be finalized.
This investment could serve as a precursor to a possible initial public offering (IPO) for Haldiram, the sources told Bloomberg.
Other potential buyers have also shown interest in Haldiram, but no final agreements have been reached.
A representative for Temasek declined to comment, and Haldiram has yet to issue a response.
Haldiram’s was founded by Ganga Bishan Agarwal in the 1930s in northern India.
The company offers a wide variety of food products, ranging from sweet and savory snacks to frozen meals and breads, and operates 43 restaurants in and around Delhi, as per its website.
The Agarwal family has been considering strategic options, including a possible sale of the business or an IPO, as reported by Bloomberg.
Global investors are increasingly focused on India due to its rapid economic growth, making the country an attractive destination for deals.
Temasek has invested nearly $37 billion in India over the past 20 years, and its managing director for India investments, Vishesh Shrivastav, indicated that this figure is expected to rise significantly, according to Bloomberg.
The company had previously announced plans to invest billions more in the region.
Temasek’s strategy in India typically involves acquiring minority stakes and supporting company growth, rather than pursuing majority control.
Its key investment areas include digitization, consumption, and sustainable living.
Notably, Temasek has also been involved in a deal for a minority stake in VFS Global, a visa outsourcing and technology services company, valued at around $7 billion, including debt, according to Bloomberg.
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