Singapore’s sovereign investment firm, Temasek, has secured a 10% minority stake in Haldiram Snacks Food, India’s leading packed snacks and sweets company, at a $10 billion valuation (approximately Rs 85,000 crore), industry sources confirmed. The definitive term sheet, signed earlier this week, marks the largest deal in India’s packaged food sector.

Haldiram, with revenues exceeding Rs 12,500 crore in FY24, is poised for significant growth with this investment.

The Agarwal family, promoters of the company, finalized the agreement with Temasek after months of negotiations that saw competition from private equity giants like Blackstone, Alpha Wave Global, and a Bain Capital-led consortium.

Initially eyeing a larger stake sale, the family opted for a minority divestment but may bring in another investor for additional stake offloading. Sources suggest an initial public offering (IPO) could follow next year, leveraging India’s thriving stock market.

This cash infusion will fuel Haldiram Snacks Food’s expansion plans, accelerating its presence in domestic and international markets, where it already operates in over 80 countries. Founded in 1937 by Ganga Bhishen Agarwal as a modest sweets and namkeen shop in Bikaner, Rajasthan, Haldiram has grown into a global brand.

The company now represents the merged operations of its Delhi and Nagpur factions, with the National Company Law Tribunal approving the demerger and subsequent merger into Haldiram Snacks Food in 2022—pending final regulatory nods.

Temasek’s investment underscores its confidence in India’s consumer sector, aligning with its strategy to deploy $10 billion in the country by 2027.

For Haldiram, this partnership not only strengthens its financial base but also positions it for broader market dominance, blending tradition with ambitious global outreach.