Temasek eyes a bite of Haldiram’s at valuation of $11 billion: Report

Haldiram’s has attracted interest from global investors once again as Singapore state investment firm Temasek Holdings Pte is in talks to acquire a minority stake in Haldiram Snacks Pvt Ltd, reported Bloomberg. Temasek is in preliminary discussions to buy a stake of 10% to 15% in the company, which is valued at approximately $11 billion, as per the report. The potential investment is seen as a move that could lead Haldiram’s towards a public listing in the future.
This news follows a series of interests from other major private equity players, including Blackstone, Bain Capital, and others, who have shown interest in acquiring a stake in the iconic Indian snack brand.
In May 2024, media reports surfaced that Blackstone, in partnership with the Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, submitted a bid to acquire up to 76% of Haldiram Snacks Food Pvt Ltd.
The bid from Blackstone valued Haldiram’s between Rs 70,000 crore and Rs 78,000 crore, making it one of the largest potential deals in India’s food and snack sector.
The discussions with Temasek come at a time when Haldiram’s is exploring its growth potential and could pave the way for an initial public offering (IPO). According to the report, the current talks are still at an early stage, and there is no guarantee the deal will proceed.
Haldiram’s has been an attractive target for investors for a long time, with several firms like Bain Capital, Warburg Pincus, and General Atlantic showing interest in previous years.
Haldiram’s, founded in 1937 as a small sweets and savouries shop in Bikaner, Rajasthan, has since grown into a massive business. The company is now present in over 80 countries, and its products are a staple in Indian households and diaspora communities abroad.
Haldiram’s business is divided into two main branches led by different factions of the Agarwal family—Haldiram Foods International, based in Nagpur, and Haldiram Snacks Pvt Ltd, based in Delhi.
Both branches are set to merge and form a new entity called Haldiram Snacks Food Pvt Ltd, which would streamline operations and increase efficiency.
In terms of financial performance, the Nagpur-based Haldiram Foods International reported revenues of Rs 3,622 crore for the financial year 2022. Meanwhile, the Delhi-based Haldiram Snacks Pvt Ltd recorded sales of Rs 5,248 crore during the same period.