Temasek in talks to acquire stake in Haldiram Snacks, valuing brand at $11 billion

Singaporean state investor Temasek Holdings Pte., is reportedly in early discussions to acquire a 10% to 15% stake in Haldiram Snacks Pvt Ltd., potentially valuing the iconic Indian snack brand at around $11 billion, according to Bloomberg.

This investment may pave way for Haldiram's much-anticipated initial public offering (IPO), as sources suggest heightened interest in the brand from various investors.

In recent weeks, other prominent firms such as Blackstone and Bain Capital have also shown interest in acquiring a stake in Haldiram's, drawn to India's rapidly expanding consumer market and the growth opportunities it presents in one of the world's most populous countries. Founded in 1930s by Ganga Bishan Agarwal, Haldiram's has become India's largest snack company, offering a diverse range of products from traditional sweets and savoury snacks to frozen meals. The company further solidifies its presence in the Indian food sector by operating 43 restaurants across Delhi.

The Agarwal family has been exploring strategic options for the business, including the possibility of a sale or IPO, as previously reported by Bloomberg. Temasek's potential investment aligns with the rising global interest in India's economy, which has emerged as a hotspot for deal-making, particularly in sectors like digitization, consumption, and sustainable living.

With a history of investing nearly $37 billion in India over the past two decades, Temasek has focused on acquiring minority stakes in Indian firms to facilitate their growth, rather than pursuing majority holdings. Its recent deals include a minority stake in VFS Global, which valued the visa outsourcing firm at approximately $7 billion.

While discussions with Haldiram's are ongoing, both Temasek and Haldiram's have declined to comment on the matter, according to Bloomberg.