'Ek lakh crore ki bhujiya?’: Anupam Mittal stunned by Haldiram’s $10 bn deal with Temasek

Anupam Mittal, entrepreneur and Shark Tank India judge, has weighed in on one of India's biggest food industry deals. Reacting to Singaporean investment firm Temasek’s acquisition of a stake in Haldiram Snacks Foods, Mittal took to X with a witty remark:

"Ek Laakh Crore ki bhujiya? Kamaal hai India."

His comment alludes to Haldiram’s reported valuation of $10 billion (around ₹8,500 crore)—a staggering figure that underscores the growing global appetite for India’s fast-moving consumer goods (FMCG) sector.

Temasek’s investment in Haldiram’s, finalized on March 11, is a significant milestone for India's packaged food industry. Securing a 9-10% minority stake, Temasek outbid several global firms, signaling rising international interest in India’s consumer market.

This deal is one of the largest foreign investments in India’s FMCG sector, reflecting confidence in the country’s booming food and retail space. With rising disposable incomes and shifting consumption patterns, India has become a hotspot for global investors looking to tap into its expanding middle-class market.

The Haldiram’s stake is part of Temasek’s larger investment strategy in India. The Singaporean investment giant already has a $37 billion exposure in the country as of March 2024 and plans to invest another $10 billion over the next three years.

Some of its notable Indian investments include:

• Manipal Health – A 51% stake after a $2 billion investment.
• Rebel Foods – Led a $210 million funding round in 2024, valuing the company at $1.4 billion.

With this move, Temasek is now expanding into India's packaged food sector, diversifying beyond healthcare and food tech investments.

While Temasek has secured its position, reports suggest private equity giants Blackstone and Alpha Wave Global are in talks for an additional 5% stake in Haldiram’s. If finalized, this could bring in even more foreign capital into the Indian FMCG space.

Haldiram’s, one of India's most recognized snack brands, has drawn global attention with its traditional sweets and packaged foods. A valuation of $10 billion underscores the strength and potential of India's FMCG sector, which continues to attract major international players.