Singapore's state-run Temasek acquires stake in Haldiram's for $1 billion

Temasek, Singapore's state investment firm, is set to acquire nearly a 10% stake in Haldiram's snacks business for around $1 billion, as reported by Reuters.

After months of negotiation, Temasek sees Haldiram's as a key asset to strengthen its presence in India’s consumer market. The deal values Haldiram's at about $10 billion.

Temasek’s stake purchase follows Blackstone’s recent decision to back out from acquiring a minority stake in Haldiram’s due to valuation issues. Temasek, which has previously invested in Manipal Hospitals and KFC and Pizza Hut operator Devyani International, is now focusing on India’s growing snacks market with this deal.

Founded in 1937 in Bikaner, Rajasthan, Haldiram's is a major player in India’s $6.2 billion savoury snacks market, with an estimated 13% share, according to Euromonitor. Its popular offerings include bhujia, a crispy fried snack sold widely across India.