Temasek Acquires 10% Stake in Haldiram’s Snacks Business for $1 Billion

Key Facts: 

Temasek Holdings (Pvt) Limited is a Singaporean state-owned multinational investment firm. 

Temasek has a net portfolio of US$288 billion with S$33 billion divested and S$26 billion invested during the year. 

Prime Highlights: 

Temasek, Singapore’s sovereign investment firm, has acquired a nearly 10% stake in Haldiram’s snacks division for $1 billion. 

Temasek outbid other private equity firms, including Blackstone, which had offered a lower valuation for a 20% stake.   

Key Background: 

In a landmark deal for India’s FMCG sector, Singapore’s sovereign investment firm Temasek has acquired a nearly 10% stake in the snacks division of Haldiram’s for approximately $1 billion. The agreement, reported by Reuters on March 12, 2025, follows months of negotiations, with Temasek identifying Haldiram’s as a valuable asset within India’s rapidly expanding consumer market. 

This deal marks one of the largest recent transactions in India’s fast-moving consumer goods (FMCG) sector and underscores the growing global interest in India’s food and beverage industry, particularly in the savory snacks segment. Competitive bidding from other private equity (PE) firms, including American giant Blackstone, was part of the process, although Temasek’s bid ultimately secured the stake. Blackstone had offered to acquire a 20% stake at a lower valuation, signaling the high demand for Haldiram’s. 

Haldiram Snacks Foods, the combined entity formed by the Delhi and Nagpur branches of the Haldiram family, holds a significant share of India’s $6.2 billion savory snacks market, with a market share of nearly 13%, according to Euromonitor International. The company also operates a successful chain of restaurants, which further bolsters its position in the industry. 

Following this deal, there is speculation that Haldiram’s promoters may move forward with an initial public offering (IPO) within the next year, aiming to leverage India’s buoyant stock market. The potential IPO could enhance Haldiram’s financial profile and expand its market presence further. In the restructuring of the company, Haldiram Snacks and Haldiram Foods International merged into Haldiram Snacks Foods Private Ltd (HSFPL), with existing shareholders holding 56% and 44%, respectively. Post-transaction, HSFPL will manage the consumer product operations for the entire Haldiram group.  

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