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Business Standard
6 days ago
- Business
- Business Standard
CCI gives nod to Temasek's minority acquisition of Haldiram Snacks Food
Temasek's subsidiary Jongsong will acquire under 10% stake in Haldiram Snacks Food, now consolidated under HSFPL following a major FMCG merger in April 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. He described the formation of HSFPL as 'not just a merger' but a 'fresh start' that combines legacy with a shared vision for the future.
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Business Standard
20-05-2025
- Business
- Business Standard
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.
Khaleej Times
12-03-2025
- Business
- Khaleej Times
Temasek takes bite of India's Haldiram's for $1 billion, sources say
Singapore's state investment company Temasek has signed a deal to pick up close to a 10 per cent stake in the snacks business of India's Haldiram's at a cost of about $1 billion, two people with direct knowledge of the matter said on Wednesday. The deal was signed after months of negotiation and Temasek considers Haldiram's a "prized asset" that will help expand its focus on India's consumer sector, said one of the sources, who declined to be named as the decision is private. Temasek's purchase price translates into a roughly $10 billion valuation for the company. Temasek said it will not comment on market speculation regarding the signing. Calls to Haldiram's CEO Krishan Kumar Chutani were not answered. Temasek's stake purchase comes just over a week after private equity investor Blackstone pulled out of the race to acquire a minority stake in Haldiram's, citing valuation concerns, Reuters reported earlier this month. Haldiram's, which started in 1937 with a tiny shop in the city of Bikaner in the western desert state of Rajasthan, is estimated by Euromonitor International to hold a near 13 per cent share of India's $6.2 billion savoury snacks market, and its snacks business has proved a tempting asset for many foreign investors. One of Haldiram's most popular snacks is "bhujia", a crispy fried Indian snack made with flour, herbs and spices and sold for as little as Rs10 (42 UAE fils) in mom-and-pop stores. Temasek, which has expanded its India footprint with investments in Manipal Hospitals and KFC and Pizza Hut operator Devyani International, is now betting on the country's snacks market with the stake in Haldiram's.
Yahoo
04-03-2025
- Business
- Yahoo
Blackstone out of race for India's Haldiram's over valuation, sources say
By Aditya Kalra NEW DELHI (Reuters) - Private equity investor Blackstone has pulled out of the race to pick up a minority stake in the snacks business of India's Haldiram's over valuation concerns, two sources with direct knowledge of the matter said on Tuesday. Rival bidder Temasek remains in the race to acquire a minority stake in the business, said a third source with direct knowledge of discussions. Blackstone had spent seven months on the deal, but there is "no turning back" now from a decision to end talks, one of the first people said. Haldiram's, which also has restaurant operations, is estimated by Euromonitor International to hold a near 13% share of India's $6.2 billion savoury snacks market, and its snacks business has proved a tempting asset for many foreign investors. But valuation has been a sticking point in the deal talks between Haldiram's and Blackstone, which was initially keen on a majority stake but later agreed to go for a smaller share, Reuters reported in November. While Blackstone wanted around a 15% stake at a valuation of roughly $8 billion and to work with management in the future, Haldiram's was only keen to get them onboard as a financial investor and at a higher valuation of $10 billion, said the first source. Haldiram's CEO Krishan Kumar Chutani declined to comment. Blackstone did not immediately respond to Reuters' request for comment, and Temasek declined to comment. There was also a disconnect over a potential IPO timeline. While Blackstone wanted Haldiram's to consider an IPO within three years of investment, the Indian company was pushing for five years. Haldiram's started in 1937 with a tiny shop in the city of Bikaner in the western desert state of Rajasthan. One of Haldiram's most popular snacks is "bhujia", a crispy fried Indian snack made with flour, herbs and spices and sold for as little as 10 rupees (12 U.S. cents) in mom-and-pop stores. (Additional reporting by Aditi Shah and Dhwani Pandya; Editing by Jan Harvey)
Reuters
04-03-2025
- Business
- Reuters
Blackstone out of race for India's Haldiram's over valuation, sources say
NEW DELHI, March 4 (Reuters) - Private equity investor Blackstone has pulled out of the race to pick up a minority stake in the snacks business of India's Haldiram's over valuation concerns, two sources with direct knowledge of the matter said on Tuesday. Rival bidder Temasek remains in the race to acquire a minority stake in the business, said a third source with direct knowledge of discussions. Blackstone had spent seven months on the deal, but there is "no turning back" now from a decision to end talks, one of the first people said. Haldiram's, which also has restaurant operations, is estimated by Euromonitor International to hold a near 13% share of India's $6.2 billion savoury snacks market, and its snacks business has proved a tempting asset for many foreign investors. But valuation has been a sticking point in the deal talks between Haldiram's and Blackstone, which was initially keen on a majority stake but later agreed to go for a smaller share, Reuters reported in November. While Blackstone wanted around a 15% stake at a valuation of roughly $8 billion and to work with management in the future, Haldiram's was only keen to get them onboard as a financial investor and at a higher valuation of $10 billion, said the first source. Haldiram's CEO Krishan Kumar Chutani declined to comment. Blackstone did not immediately respond to Reuters' request for comment, and Temasek declined to comment. There was also a disconnect over a potential IPO timeline. While Blackstone wanted Haldiram's to consider an IPO within three years of investment, the Indian company was pushing for five years. Haldiram's started in 1937 with a tiny shop in the city of Bikaner in the western desert state of Rajasthan. One of Haldiram's most popular snacks is "bhujia", a crispy fried Indian snack made with flour, herbs and spices and sold for as little as 10 rupees (12 U.S. cents) in mom-and-pop stores.
