Singapore’s state-owned investment firm Temasek secured a nearly 10% stake in Haldiram’s for $1bn, valuing the Indian snack giant at approximately $10bn. 

This deal marks one of the largest foreign investments in India’s food sector and underscores Temasek’s growing interest in the country’s rapidly expanding consumer market.

Temasek’s investment follows Blackstone’s decision to walk away from talks over valuation concerns. By agreeing to the premium price, Temasek signals strong confidence in Haldiram’s dominance in India’s $6.2bn snack market, where it holds a 13% share, according to Euromonitor International.

Haldiram’s, founded in 1937 as a small shop in Bikaner, Rajasthan, has grown into one of India’s most recognizable snack brands. Its extensive distribution network and strong brand loyalty make it an attractive target for global investors.

For Temasek, the move aligns with its broader strategy to expand in India’s consumer sector. The firm has previously backed Manipal Hospitals and Devyani International, the operator of KFC and Pizza Hut in India. This latest deal provides Temasek with a foothold in a market blending traditional flavors with modern retail strategies.

The investment is expected to provide Haldiram’s with capital and strategic insights to accelerate growth, expand operations, and potentially explore new product lines and international markets. As competition intensifies from both domestic and global brands, this partnership could reinforce Haldiram’s position as a leader in India’s fast-growing packaged food industry.