New Delhi, 30 March 2025: Haldiram Snacks Food Pvt. Ltd. (“Haldiram's”), the renowned Indian multinational snacks and sweets company, has entered an agreement with Singapore-headquartered global investment firm Temasek.
The agreement will see Temasek acquire an equity stake from the existing shareholders of Haldiram's. This transaction positions Haldiram's to continue its ambitious expansion plans both in India and internationally, solidifying its presence in an increasingly competitive market.
PwC's 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.
On behalf of the Haldiram's group, the Spokesperson said, “We are thrilled to welcome Temasek as an investor and partner in Haldiram's. 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 Haldiram's 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 Haldiram's family for trusting us and giving this opportunity.”
About Haldiram's
Haldiram's is a leading global packaged food company known for its wide range of snacks, sweets, and ready-to-eat products. Haldiram's brand has become synonymous to Indian food and has been awarded one of the most loved & trusted brand.
Established in 1937, the company pioneered automated manufacturing in traditional snacks and has grown to become one of the largest manufacturers of packaged foods in India with a significant international presence.
About Temasek
Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$389 billion (US$288b) as at 31 March 2024. Marking its unlisted assets to market would provide S$31 billion (US$23b) of value uplift and bring its mark to market net portfolio value to S$420 billion (US$311b).
Temasek’s Purpose “So Every Generation Prospers” guides it to make a difference for today’s and future generations. Operating on commercial principles, Temasek seeks to deliver sustainable returns over the long term. It has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with over 327,000 people who are committed to delivering quality in Assurance, Advisory and Tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
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About Khaitan & Co
Khaitan & Co is one of India's oldest full-service law firms. Founded in 1911 by Debi Prasad Khaitan, the firm has locations in Kolkata, New Delhi, Bengaluru, Mumbai, Chennai, and Singapore. The law firm has been a trusted adviser to leading business houses, multinational corporations, global investors, financial institutions, governments, and international law firms.
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