Haldiram’s Eyes Global Expansion

Temasek eyeing Haldiram’s stake

Haldiram’s has once again garnered attention from global investors, with Singapore’s state investment company, Temasek Holdings Pte, reportedly in early talks to purchase a minority stake in Haldiram Snacks Pvt Ltd, according to Bloomberg.

The discussions involve Temasek potentially acquiring a 10% to 15% share in the company, which is valued at around $11 billion. This investment is viewed as a possible step towards Haldiram’s pursuing a public listing in the future.

This development comes after a series of other major private equity firms, such as Blackstone and Bain Capital, expressed interest in acquiring a stake in the renowned Indian snack brand.

Back in May 2024, media reports revealed that Blackstone, along with the Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, had submitted a bid to purchase up to 76% of Haldiram Snacks Food Pvt Ltd. Blackstone’s bid valued Haldiram’s between ₹70,000 crore and ₹78,000 crore, positioning it as one of the largest prospective deals in India’s food and snack industry.

The discussions with Temasek occur as Haldiram’s seeks to explore its growth opportunities, potentially paving the way for an initial public offering (IPO). According to the report, these talks are still in the early stages, and there is no certainty that the deal will materialize.

Haldiram’s has long been an appealing target for investors, with firms such as Bain Capital, Warburg Pincus, and General Atlantic expressing interest in previous years.

Founded in 1937 as a small sweets and snacks shop in Bikaner, Rajasthan, Haldiram’s has evolved into a large-scale business. The company now operates in over 80 countries, with its products being a staple in Indian households and among diaspora communities worldwide.

Haldiram’s operations are divided into two main branches, each led by different factions of the Agarwal family: Haldiram Foods International, located in Nagpur, and Haldiram Snacks Pvt Ltd, based in Delhi.

The two branches are set to merge to create a new entity called Haldiram Snacks Food Pvt Ltd, which aims to streamline operations and enhance efficiency.

Regarding financial performance, Haldiram Foods International in Nagpur reported revenues of ₹3,622 crore for the fiscal year 2022, while Haldiram Snacks Pvt Ltd in Delhi generated sales of ₹5,248 crore during the same period.