Singapore’s state-owned firm investment Temasek Holdings has acquired a nearly 10% stake in Indian snack giant Haldiram’s for approximately $1bn just a week after PE major Blackstone withdrew from the race to acquire a share in the business citing valuation concerns, according to a report by Reuters.
The deal, which was finally signed after months of negotiations, gives a Haldiram’s a valuation of a roughly $10bn. The company, which began life in 1937, holds a 13% market share in India’s $6.2bn savoury snacks industry, according to Euromonitor International.
Temasek’s latest move aligns with its broader investment strategy in India’s consumer and healthcare sectors. The firm, which has previously backed Manipal Hospitals and Devyani International (operator of KFC and Pizza Hut in India), sees Haldiram’s as a prized asset to strengthen its presence in one of the world’s fastest-growing consumer markets.
