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Haldiram‘s, India’s largest packed snacks and sweets company, has officially entered into a strategic investment agreement with Singapore-based global investment firm Temasek. Under the deal, Temasek will acquire an equity stake from Haldiram’s existing shareholders, marking a significant milestone for the Indian packed food industry.
Major investment in India’s food sector
While the deal’s valuation has not been officially disclosed, industry sources reveal that Temasek is acquiring a 10% minority stake in Haldiram Snacks Food at a valuation of USD 10 billion (approximately Rs 85,000 crore). This is considered the largest valuation in India’s packaged food sector to date.
“Haldirams, the renowned Indian multinational snacks and sweets company, has entered an agreement with Singapore-headquartered global investment firm Temasek. The agreement will see Temasek acquire an equity stake from the existing shareholders of Haldirams,” Haldiram’s said in a statement reported by news agency PTI.
“This transaction is subject to customary regulatory approvals and is expected to close soon,” the statement said.
Expanding global footprint
The investment will support Haldiram’s expansion plans both domestically and internationally, helping the company strengthen its presence in the competitive global snacks market.
A Haldiram’s spokesperson expressed enthusiasm about the partnership, stating, “We are thrilled to welcome Temasek as an investor and partner in Haldiram. 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.”
PwC’s investment banking team acted as the exclusive financial advisor for the transaction.
Haldiram’s growth journey
Haldiram’s, founded in 1937 in Bikaner, Rajasthan, as a retail sweets and namkeen shop by Ganga Bhishen Agarwal, has grown into a global brand, with products sold in over 80 countries.
In 2022, the packaged snacks businesses of Delhi-based Haldiram’s Snacks and Nagpur-based Haldiram’s Foods International were demerged and merged into a single entity named Haldiram Snacks Food.
Reports also suggest that Haldiram’s promoters may divest an additional 6% stake in Alpha Wave Global. Several private equity firms, including Blackstone, Alpha Wave Global, and a Bain Capital-led consortium, were competing to acquire a stake in the company.

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