Haldiram Snacks Food Pvt. Ltd, a leading Indian multinational known for its diverse range of snacks and sweets, has officially announced an investment agreement with Temasek, a globally recognized investment firm headquartered in Singapore. The deal, confirmed on March 30, 2024, marks a significant milestone in India’s consumer sector.
As part of the agreement, Temasek will acquire an equity stake in Haldirams from its existing shareholders. While the exact percentage was not disclosed in the official announcement, previous reports indicate that Temasek is set to purchase around a 9% stake for approximately ₹8,000 crores.
Industry experts believe this investment will play a crucial role in Haldirams' future expansion plans. "This transaction positions Haldirams to continue its ambitious expansion plans both in India and internationally, solidifying its presence in an increasingly competitive market," the company stated.
The investment by Temasek effectively values Haldirams at ₹89,000 crores ($10 billion), making it one of the largest deals in India's consumer sector in recent years. Analysts view this as a strong indicator of the growing global interest in Indian FMCG (Fast-Moving Consumer Goods) brands, especially those with a deep-rooted legacy and a strong domestic and international presence.
On March 11, Moneycontrol first reported that Temasek was in the final stages of sealing the deal. Earlier, on January 7, Moneycontrol had also reported that Temasek had signed a term sheet for the investment, with definitive agreements to follow.
The high-profile transaction was facilitated by renowned financial and legal advisory firms. The PwC Investment Banking team served as the exclusive financial advisor, while Khaitan & Co provided legal advisory services.
The deal is currently subject to standard regulatory approvals and is expected to be completed in the coming months.
Expressing enthusiasm over the investment, a spokesperson from 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.”
Speaking on the impact of the transaction, Sanjeev Krishan, Chairperson of PwC India, commented:
“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. Over the years, we have advised them on various strategic planning and decision-making. This transaction is not only the largest private equity consumer deal in India but also a reflection of domestic businesses that continue to elevate India’s positioning on the global stage. We thank the Haldirams family for trusting us and giving this opportunity.”
In addition to Temasek, another major global investment firm, Alpha Wave Global, is reportedly in advanced discussions to acquire a 5-6% stake in Haldirams, alongside a co-investor. The valuation for this potential investment is expected to be in line with Temasek’s deal at approximately $10 billion.
Despite multiple inquiries, Haldirams and Alpha Wave Global have not yet responded to confirm the progress of this transaction.
Alpha Wave Global, previously known as Falcon Edge Capital, is a prominent global investment firm with a diversified portfolio spanning multiple industries and geographies. In India, the firm has made significant investments in well-known brands, including:
Swiggy
Lenskart
Dream 11
Chaayos
Biryani by Kilo
Ola
Policy Bazaar
Internationally, Alpha Wave Global has backed major companies such as Domino’s Pizza, SpaceX, and Uber. Founded in 2012, the firm is led by Rick Gerson, Navroz Udwadia, and Ryan Khoury and has offices in New York, Miami, London, Monaco, Madrid, Abu Dhabi, Tel Aviv, Bangalore, and Sydney.
The investment from Temasek and potentially Alpha Wave Global signals a growing interest in India’s food and consumer goods sector. As Haldirams continues to expand both domestically and internationally, this financial backing will likely help it enhance its product offerings, strengthen supply chains, and establish a more prominent global footprint.
With India’s FMCG market projected to grow at a rapid pace, experts believe that more such high-value deals could emerge in the near future, further cementing India's position as a major player in the global consumer goods industry.