Temasek - Business Outrank

This paper aims to investigate the ownership structure of Haldiram’s snacks division and the recent shareholding changes. It also examines the motives behind Temasek, Singapore’s sovereign investment firm, in acquiring a near 10% stake in Haldiram’s snacks division for about $1 billion. This acquisition is significant as it shows that global investors are increasingly interested in India’s food and beverage industry, more so in the savory snacks segment. The deal has been in the offing for a while now and the negotiations have finally been concluded. Temasek considered Haldiram’s as a very valuable asset that fits well into the company’s interest in the Indian consumer market. Temasek was able to buy the stake successfully but it did so while facing competition from the likes of American private equity giant Blackstone which had offered to buy a 20% stake at a lower valuation. The transaction is one of the biggest recent deals in India’s FMCG sector and may spur other foreign investors into the industry. Haldiram’s promoters have planned to go for an IPO in the next year which can take advantage of the good performance of the Indian stock market and may help in improving the financials and market presence of Haldiram’s. Haldiram’s Snacks Foods is one of the big players in the Indian snack market and has a 13 per cent market share in the $6.2 billion Indian savory snacks market, as per Euromonitor International. The company that was founded by three families and that operates under three different family-run entities in Delhi, Nagpur and Kolkata has combined its FMCG businesses, Haldiram Snacks and Haldiram Foods International, into one company, Haldiram Snacks Foods Private Ltd (HSFPL). Haldiram’s dominant market share has drawn the attention of many global investors, and several private equity firms like Bain Capital and Blackstone have been keen on investing in the company. Haldiram Foods International’s consolidated net sales grew by 10.9 per cent in FY24, touching ₹4,551 crore ($550 million) and the net profit rose by 16.6 per cent to ₹597 crore ($72 million).

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