Latest news with #Temasek
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Business Standard
2 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.
TechCrunch
5 days ago
- Business
- TechCrunch
Gridcare thinks more than 100 MW of data center capacity is hiding in the grid
Hyperscalers and data center developers are in a pickle: They all want to add computing power tomorrow, but utilities frequently play hard to get, citing years-long waits for grid connections. 'All the AI data centers are struggling to get connected,' Amit Narayan, founder and CEO of Gridcare, told TechCrunch. 'They're so desperate. They are looking for solutions, which may or may not happen. Certainly not in the five year timelines they cite.' That has led many data centers to pursue what's called 'behind the meter' power sources — basically, they build their own power plants, a costly endeavor that hints at just how desperate they are for electricity. But Narayan knew there was plenty of slack in the system, even if utilities themselves haven't discovered it yet. He has studied the grid for the last 15 years, first as a Stanford researcher then as a founder of another company. 'How do we create more capacity when everyone thinks that there is no capacity on the grid?' he said. Narayan said that Gridcare, which has been operating in stealth, has already discovered several places where extra capacity exists, and it's ready to play matchmaker between data centers and utilities. Gridcare recently closed an oversubscribed $13.5 million seed round, the company told TechCrunch. The round was led by led by Xora, Temasek's deep tech venture firm, with participation from Acclimate Ventures, Aina Climate AI Ventures, Breakthrough Energy Discovery, Clearvision, Clocktower Ventures, Overture Ventures, Sherpalo Ventures, and WovenEarth. For Narayan and his colleagues at Gridcare, the first step to finding untapped capacity was to map the existing grid. Then the company used generative AI to help forecast what changes might be implemented in the coming years. It also layers on other details, including the availability of fiber optic connections, natural gas, water, extreme weather, permitting, and community sentiment around data center construction and expansion. Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW 'There are 200,000-plus scenarios that you have to consider every time you're running this study,' Narayan said. To make sure it's not running afoul of regulations, Gridcare then takes that data and weighs it against federal guidelines that dictate grid usage. Once it finds a spot, it starts talking with the relevant utility to verify the data. 'We'll find out where the maximum bang for the buck is,' Narayan said. At the same time, Gridcare works with hyperscalers and data center developers to identify where they are looking to expand operations or build new ones. 'They have already told us what they're willing to do. We know the parameters under which they can operate,' he said. That's when the matchmaking begins. Gridcare sells its services to data center developers, charging them a fee based on how many megawatts of capacity the startup can unlock for them. 'That fee is significant for us, but it's negligible for data centers,' Narayan said. For some data centers, the price of admission might be forgoing grid power for a few hours here and there, relying on on-site backup power instead. For others, the path might be clearer if their demand helps green light a new grid-scale battery installation nearby. In the future, the winner might be the developer that is willing to pay more. Utilities have already approached Gridcare inquiring about auctioning access to newfound capacity. Regardless of how it happens, Narayan thinks that Gridcare can unlock more than 100 megawatts of capacity using its approach. 'We don't have to solve nuclear fusion to do this,' he said.
Business Times
6 days ago
- Automotive
- Business Times
Denso in talks to buy Temasek-backed seed maker for US$500 million
[TOKYO] Denso is in final talks to buy a Temasek-backed seed supplier for around US$500 million, as the Japanese vehicle parts supplier deepens its expansion into the agriculture sector, sources familiar with the matter said. Singapore investment firm Temasek, which owns almost half of Axia Vegetable Seeds Group, is set to generate a profit from the sale, the sources said, asking not to be identified because the negotiations are private. Representatives for Denso and state-owned Temasek declined to comment. Netherlands-based Axia did not immediately respond to a request for comment made outside of normal office hours. A purchase would align with Denso's ambition to become a key supplier of industrialised greenhouses capable of producing food in any climate. The company is seeking to generate 20 per cent of its revenue from 'new value business' including food and agriculture, it said in 2023. The auto business currently accounts for more than 98 per cent of its revenue, according to data compiled by Bloomberg. Denso acquired greenhouse maker and horticultural solutions provider Certhon Build BV in 2023, and has been developing robots able to pick fruits and vegetables such as tomatoes. It has said its share of the 700 billion yen (S$6.3 billion) market for greenhouses and adjacent segments is only about 2 per cent, with room to grow. For Temasek, Axia is the latest in a series of asset sales involving its investees and subsidiaries. Axia also sold its open-fields seeds business to India's Namdhari Seeds earlier this year. Olam Group, a Temasek-owned food and agriculture trader, agreed to sell a controlling stake in its agribusiness unit to Saudi Agricultural & Livestock Investment in a US$1.8 billion deal in February. BLOOMBERG
Japan Times
6 days ago
- Automotive
- Japan Times
Denso in talks to buy Temasek-backed seed supplier for $500 million
Denso is in final talks to buy a Temasek-backed seed supplier for around $500 million (¥71.4 billion), as the Japanese vehicle parts supplier deepens its expansion into the agriculture sector, people familiar with the matter said. Singapore investment firm Temasek, which owns almost half of Axia Vegetable Seeds, is set to generate a profit from the sale, the people said, asking not to be identified because the negotiations are private. Representatives for Denso and state-owned Temasek declined to comment. Netherlands-based Axia didn't immediately respond to a request for comment made outside of normal office hours. A purchase would align with Denso's ambition to become a key supplier of industrialized greenhouses capable of producing food in any climate. The company is seeking to generate 20% of its revenue from "new value business' including food and agriculture, it said in 2023. The auto business currently accounts for more than 98% of its revenue, according to data compiled by Bloomberg. Denso acquired greenhouse maker and horticultural solutions provider Certhon in 2023, and has been developing robots able to pick fruits and vegetables like tomatoes. It has said its share of the ¥700 billion ($4.9 billion) market for greenhouses and adjacent segments is only about 2%, with room to grow. For Temasek, Axia is the latest in a series of asset sales involving its investees and subsidiaries. Axia also sold its open-fields seeds business to India's Namdhari Seeds earlier this year. Olam, a Temasek-owned food and agriculture trader, agreed to sell a controlling stake in its agribusiness unit to Saudi Agricultural & Livestock Investment in a $1.8 billion deal in February.
Entrepreneur
6 days ago
- Business
- Entrepreneur
Info Edge India Approves INR 1,000 Cr Investment in Venture Fund III
Fund III aims to fuel the next generation of tech-driven startups in India. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In a bold move reflecting its enduring faith in India's startup ecosystem, Info Edge India has secured shareholder approval to invest up to INR 1,000 crore in its latest venture initiative, IE Venture Investment Fund III. As revealed in its BSE filings, the decision was nearly unanimous. "Results of the Info Edge shareholders postal ballot are in. The proposal to invest up to INR 1000 crores in Info Edge Ventures Fund 3 was approved with 99.9995% of votes in favour. Thank you for the vote of confidence in our investing abilities shareholders," said Sanjeev Bikhchandani, Founder and Executive Vice Chairman, in a post on X. Announced in February, Fund III aims to fuel the next generation of tech-driven startups in India. Continuing its strategic alliance with Singapore's sovereign wealth fund, Temasek, this new fund is expected to exceed INR 2,000 crore, amplifying Info Edge's influence in the venture landscape. The company's track record speaks volumes. Its landmark investment in Zomato, which began at INR 4.7 crore, grew exponentially, culminating in a INR 3,000 crore windfall post-IPO in 2021. This success underscored Info Edge's knack for identifying and nurturing high-potential ventures. Beyond Zomato, the firm has backed names like Policybazaar, NoBroker, and Adda247, investing over INR 2,000 crore in startups across sectors. Rather than seek control, Info Edge typically takes minority stakes, offering strategic support to help founders scale sustainably. With Fund III now underway, the company looks poised to write the next chapter in India's entrepreneurial success story.
