Singapore-based investment firm Temasek is set to acquire nearly 10 per cent stake in Indian snack giant Haldiram Snacks Food (Haldirams) in a deal valuing the company at $10 billion. The transaction involves the sale of shares held by existing stakeholders, according to a press release issued by PwC.
While the official announcement did not disclose the exact percentage of shares changing hands, citing sources familiar with the matter, Business Standard reported that the stake sale has been confirmed.
The move is expected to bolster Haldirams’ ambitious growth plans, both domestically and internationally, as the brand seeks to strengthen its market presence amid rising competition.
“The transaction positions Haldirams to continue its ambitious expansion plans both in India and internationally, solidifying its presence in an increasingly competitive market,” the release stated.
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Further Stake Sale in the Pipeline
In addition to this deal, Haldirams is reportedly in advanced discussions to divest an additional 5–6 per cent stake, potentially raising another $500 million. The funds raised through these transactions are expected to be directed towards business expansion, with promoters unlikely to retain any proceeds, the report noted.
PwC’s investment banking division served as the exclusive financial advisor for the deal, while legal advisory services were provided by Khaitan & Co. The transaction is subject to regulatory approvals and is anticipated to be finalised soon.
Expressing enthusiasm over the partnership, a spokesperson for Haldirams stated, “We are thrilled to welcome Temasek as an investor and partner in Haldirams. We look forward to working with them to harness the value they bring from their experience in the consumer space to accelerate our growth and strengthen our ability to meet evolving consumer demands. We also extend our gratitude to PwC and Khaitan & Co for their dedicated support during this transaction.”
Sanjeev Krishan, chairperson of PwC India, highlighted the significance of the deal, stating, “At PwC, we take pride in being catalysts of entrepreneurial success—helping businesses transform into global giants. Our decade-long collaboration with Haldirams exemplifies this commitment.”
He further emphasised the deal’s impact, calling it “the largest private equity consumer deal in India,” and added that it underscored the growing global recognition of Indian enterprises. “We thank the Haldirams family for trusting us and giving us this opportunity,” Krishan said.