Haldirams enters agreement with Singapore investment major Temasek to sell stake: PwC

Haldiram Snacks Food (Haldirams), the Indian multinational snacks and sweets company, has entered into an agreement with Singapore-headquartered global investment firm Temasek to sell an equity stake held by existing shareholders, PwC said in a press release. 

The agreement will see Temasek acquire an equity stake from the existing shareholders of Haldirams, it added. This transaction positions Haldirams to continue its ambitious expansion plans both in India and internationally, solidifying its presence in an increasingly competitive market.  

The release did not divulge the amount of stake to be sold and at what valuation.

A Haldirams Group spokesperson said, “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.”  

Sanjeev Krishan, Chairperson, PwC in India, said “At PwC, we take pride in being catalysts of entrepreneurial success — helping businesses transform into global giants.  Our decade-long collaboration with the 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.”  

PwC Investment Banking team acted as the exclusive financial advisor to the transaction and Khaitan & Co acted as the legal advisor. The transaction, which is subject to customary regulatory approvals, is expected to close soon.

Founded by Ganga Bishan Agarwal in the 1930s, Haldirams sells a range of foods from sweet and savoury snacks to frozen meals and breads. It also runs 43 restaurants in and around Delhi, according to its website.