Singapore’s state-owned private equity firm Temasek has acquired a 10% stake in Haldiram Snacks Food for ₹85,000 crore ($1 billion), valuing the company at $10 billion.
This marks one of the largest deals in India’s packaged food industry, reinforcing Temasek’s commitment to the country’s growing consumer sector after months of negotiations, during which firms like Blackstone and Bain Capital were also in the race.
The fresh capital will support Haldiram’s expansion in India and abroad. The company, with annual revenue of over ₹12,500 crore in FY24, may bring in another investor and is also considering an Initial Public Offering (IPO) next year.
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Haldiram, founded in 1937 in Bikaner, has grown into a global brand selling in over 80 countries. Known for namkeen, sweets, and ready-to-eat meals, it has expanded with sub-brands like Minute Khana, Cup Shup, and Cookie Heaven while acquiring Babaji Namkeen, Akash Namkeen, and Atop Foods.
Family divisions led to separate units in Delhi, Nagpur, and Kolkata, with the Delhi and Nagpur units merging in 2023 to form Haldiram Snacks Food Pvt Ltd, while the Kolkata unit operates as Haldiram Bhujiawala.
With the National Company Law Tribunal approving its merger process, Haldiram is set for further growth. Meanwhile, Temasek-backed Licious is also planning an IPO, reflecting the rising investor interest in India’s food sector.
