Haldiram’s Deal With Temasek Marks A New Chapter For India’s Snack Giant

New Delhi, 13th March: Haldiram’s, the renowned Indian snacks and sweets giant, has attracted significant attention with its latest investment deal. Singapore’s state-owned Temasek has secured a 10% stake in the company for a staggering $1 billion, bringing the total value of Haldiram’s to around $10 billion.

After months of negotiations, Temasek emerged as the frontrunner, despite initial bids from Bain Capital and Alpha Wave Global. Bain Capital eventually withdrew from the talks, leaving Temasek to finalize the agreement with the Agarwal family, the company’s founders.

While Temasek has refrained from commenting, describing the news as speculation, this deal signals a major shift for the future of Haldiram’s in the global market.
Haldiram’s has been the center of a heated investment race, with multiple prominent firms vying for a stake. On December 7, ET revealed that three major groups had submitted binding offers for a 10-15% share in the company. These include a consortium led by the Abu Dhabi Investment Authority and Blackstone, a group led by Singapore’s GIC, the Temasek – Bain Capital partnership, and another group led by Alpha Wave.

The Agarwal family, which controls Haldiram’s, is reportedly seeking a valuation between $10 billion and $11 billion. In contrast, Bain Capital’s bid was capped at a valuation range of $8.8 billion to $9.4 billion, highlighting the differences in expectations between the family and the investors.

Haldiram’s has attracted interest from a wide array of investors over the years. Since 2016-17, numerous private equity firms, including General Atlantic, Bain Capital, Capital International, TA Associates, Warburg Pincus, and Everstone, have engaged in discussions with the Agarwal family for a stake in the company. These talks underscore the growing recognition of Haldiram’s potential in the global market.

In addition to private equity firms, major multinational companies have also shown interest in acquiring a controlling stake in Haldiram’s. Notable names such as Kellogg’s and PepsiCo were in talks for a deal involving 51% or more of the company. Last year, Tata Consumer Products also made a bid for a significant stake, but their offer fell short of the Agarwal family’s $10 billion valuation, further highlighting the high expectations surrounding the brand’s value.

The Temasek deal marks a key moment for Haldiram’s, paving the way for future growth and global expansion. As the snacks and sweets industry gains international interest, Haldiram’s continues to strengthen its position as a sector leader. This investment highlights the rising global demand for premium, authentic Indian brands, with the coming months likely revealing more milestones in the company’s journey.