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CCI gives nod to Temasek's minority acquisition of Haldiram Snacks Food
The Competition Commission of India (CCI) has approved the proposed acquisition of a minority stake in Haldiram Snacks Food Private Limited (HSFPL) by Jongsong Investments Pte. Ltd., a wholly owned subsidiary of Singapore-based Temasek Holdings.
The deal involves Jongsong acquiring less than 10 per cent of the issued and paid-up equity share capital of the Indian packaged foods company.
Temasek, a global investment company headquartered in Singapore, holds a diversified portfolio spanning sectors such as transportation, financial services, technology, consumer goods, life sciences, agri-food, and credit.
Haldiram Snacks Food Pvt Ltd, incorporated in December 2022, currently has no active business operations. 'The Target (including its affiliates) will be engaged in the manufacture and sale of packaged food products in India, such as snacks, sweets, ready-to-eat products, dairy products, bakery products, chocolates, and non-carbonated ready-to-drink beverages,' the CCI stated in a press release.
Haldiram merger and restructuring
In April this year, Haldiram Snacks Private Ltd (Delhi) and Haldiram Foods International Pvt Ltd (Nagpur) officially merged to form HSFPL, a unified entity consolidating their FMCG businesses. The merger was announced by CEO Krishan Kumar Chutani on LinkedIn.
'A new chapter begins in the Haldiram story, and it's a significant one,' Chutani posted, highlighting the strategic importance of bringing the two regional units together.
The merger received all requisite regulatory approvals in 2023, including clearances from the CCI and respective benches of the National Company Law Tribunal (NCLT).
Under the new structure, the Delhi-based unit holds a majority 56 per cent stake in HSFPL, while the Nagpur arm owns the remaining 44 per cent.
Temasek among key strategic investors
In March this year, Haldiram's onboarded three strategic investors: Temasek, Alpha Wave Global, and International Holding Company (IHC). While financial details of the investment were not officially disclosed, industry estimates peg the deal's valuation at around $10 billion (approx. ₹85,000 crore), making it one of the largest transactions in India's packaged food industry.
'We are taking meaningful steps toward something bigger. From Indian kitchens to global shelves, we are expanding our reach while staying true to everything that makes Haldiram's special,' Chutani wrote in his April post.
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