The Agarwal family has been exploring options including a sale of the business and a potential IPO.
Photo: Shutterstock2 min read Last Updated : Oct 04 2024 | 11:42 AM ISTBy Baiju Kalesh, Elffie Chew and P R SanjaiTemasek Holdings Pte.
is in talks to buy a minority stake in Haldiram Snacks Pvt Ltd., people familiar with the matter said, a transaction that may value Indias biggest snack maker at about $11 billion.The Singapore state investor is holding preliminary talks to buy from 10 per cent to 15 per cent in Haldiram, the people said, asking not to be identified because the matter is private.
The investment may serve as a stepping stone towards a potential initial public offering of the company, the people said.Click here to connect with us on WhatsAppTalks are ongoing and may not lead to a transaction, the people said.
The company, also known as Haldirams, has drawn interest from other prospective bidders, the people added.A representative for Temasek declined to comment, while Haldiram didnt have an immediate comment.Founded by Ganga Bishan Agarwal in the 1930s in north India, Haldirams sells a range of foods from sweet and savory snacks to frozen meals and breads.
It also runs 43 restaurants in and around Delhi, according to its website.The Agarwal family has been exploring options including a sale of the business and a potential IPO, Bloomberg News has reported.Global investors have been increasing their focus on India, lured by its rapid economic growth.
Thats turned the country into a hotspot for deal-making.Temasek has deployed nearly $37 billion in India over the past two decades, according to Vishesh Shrivastav, its managing director for India investments.
That figure is set to rise sharply, with the company saying last year it planned to commit billions more.Temasek has been targeting minority stakes and helping Indian companies to grow, largely eschewing the trend of taking majority holdings in firms based in the worlds most populous country.
Core areas include digitization, consumption and sustainable living, according to Shrivastav.
Those potential minority investments include VFS Global, in a transaction valuing the visa outsourcing and technology services firm at about $7 billion including debt, Bloomberg News has reported.First Published: Oct 04 2024 | 11:42 AMIST