[NEW DELHI] 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 US$1 billion, two people with direct knowledge said on Wednesday.
The deal was signed after months of negotiation and Temasek considers Haldiram’s a “prized asset” thaat 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 said it will not comment on market speculation regarding the signing. Calls to Haldiram’s CEO Krishan Kumar Chutani went unanswered.
Haldiram’s, which also has restaurant operations, is estimated by Euromonitor International to hold a near 13 per cent share of India’s US$6.2 billion savoury snacks market, and its snacks business has proved a tempting asset for many foreign investors. REUTERS
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