NewDelhi: After an 18-month search, it looks like Haldiram’s, the iconic Indian snack food company, may have finally found its long-sought foreign partner. Global investment firm Temasek, based in Singapore, is the frontrunner to snap up a minority stake in Haldiram Snacks Foods Private Ltd., people familiar with the matter said.
According to sources, Temasek is in advanced talks to buy a 10% stake in Haldiram’s at a valuation of $10-$11 billion (around ₹94,270 crore). The two firms have struck a term sheet—a nonbinding document describing the primary terms and situations of the possible investment.
The announcement follows news that Bain Capital had withdrawn from the race to buy Temasek’s stake. Blackstone and Alpha Wave Global were also pitching to become the Indian snack giant’s private equity investor.
Temasek is likely to invest more than $1 billion on its way to taking a minority stake in the deal, expected to be concluded by February 2025. The pre-IPO investment is also expected to establish a valuation precedent for Haldiram’s before it lists publicly.
India’s Haldiram’s is a manufacturer of sugar, spices, nuts, gur, snacks, paan masala, basil seeds, and watermelon seeds with a turnover of Rs 63,000 crore in India. The company exports its products to markets in the USA and Europe.
Haldiram’s has been evaluating the opportunities to unlock value in the company, and the potential partnership with Temasek marks a key milestone. It also highlights increasing international interest in India’s buoyant consumer goods sector. Haldiram’s and Temasek have declined to comment on the negotiations.