Haldiram Snacks Food (Haldiram's), the Indian multinational known for its snacks and sweets, has signed an agreement with Singapore-based investment firm Temasek to offload a stake held by existing shareholders. according to a press release from PwC.
While the exact percentage of equity sold is not out, the deal is said to involve around 10 percent of the company, valuing the company at $10 billion.
The press release highlighted that the transaction would enable Haldirams to push forward with its expansion plans both domestically and internationally, strengthening its position in an increasingly competitive market.
The funds raised are likely to be used for business growth, with promoters unlikely to retain any of the proceeds. Haldirams is in advanced discussions to divest a further 5–6 percent stake for approximately $500 million.
PwC’s investment banking division served as the exclusive financial advisor and the deal is expected to be finalised once regulatory approvals are secured.
A spokesperson for Haldirams expressed enthusiasm over Temasek’s involvement, noting that the firm’s expertise in the consumer sector would help accelerate the company’s growth and better address evolving consumer needs.
Sanjeev Krishan, chairperson of PwC India, said that PwC provided strategic guidance to Haldirams. He described the deal as India’s largest private equity transaction in the consumer sector. He added that it reflects the growing global stature of Indian businesses.
