Temasek eyes more Indian family-run businesses after Haldiram's deal
Family businesses in India, with their multigenerational legacies, strong domestic brands and loyal customers, have become attractive for global investors in recent years.
In March, Temasek bought a 10% stake in Haldiram's at a valuation of around $10 billion, with sources describing it as a "prized asset" that will help investors expand its focus on India's consumer sector.
"We've been very active in investing behind family-run businesses, we can invest across the value chain," Vishesh Shrivastav, managing director of Temasek's India investment team, said in an interview at its Mumbai office.
Temasek has earlier invested in many businesses in India which were once run by business families, such as Manipal Hospitals and Dr Agarwal's Health Care.
In a separate factsheet, Temasek said it was "keen to partner more family-owned businesses to drive long-term value creation." It did not name any potential targets.
Temasek spent $2 billion in April 2023 to raise its stake in Manipal to 59% from 18% in the biggest hospital sector deal ever in India. It later sold a minority stake to Novo Nordisk's parent Novo Holdings and Abu Dhabi's sovereign investor Mubadala, but retained majority control of the hospital chain.
Asked about Manipal Hospitals possible public offering, Shrivastav said it was "an eminently listable company," without elaborating.
India continues to be Temasek's best-performing market over the last decade, as it remained the world's fastest-growing major economy and the second largest IPO market in 2025.
Temasek said it maintained its positive outlook for India and its 2023 goal of investing up to $10 billion in Asia's third-largest economy over a three-year horizon. Temasek invested over $3 billion in India over the past year.
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