PwC India’s Investment Banking Team acted as the exclusive financial advisor to the transaction undertaken by Temasek Holdings to acquire a stake in India’s most favourite snacking brand Haldirams.
The 10% stake picked up by Temasek is for an estimated consideration of INR 8,200 Cr (USD 1 Bn), valuing the company at INR 82,000 Cr (USD 10 Bn).
The company is said to be utilising the entire proceeds for business expansion and the promoters may not retain any of the proceeds.
Haldirams is said to be in talks to sell another 5-6% stake to other investors to raise a further INR 4,100 Cr (USD 500 Mn).
Sanjeev Krishan, Chairperson, PwC India, said, “At PwC, we take pride in being catalysts of entrepreneurial success—helping businesses transform into global giants. Our decade-long collaboration with Haldirams exemplifies this commitment.”
A spokesperson for Haldirams said in a statement said “We are thrilled to welcome Temasek as an investor and partner in Haldirams. We look forward to working with them to harness the value they bring from their experience in the consumer space to accelerate our growth and strengthen our ability to meet evolving consumer demands.
We also extend our gratitude to PwC and Khaitan & Co for their dedicated support during this transaction”.
Editor’s Note
The Indian snacking food industry is valued at INR 45,000 Cr and Haldirams has a near 14% market share (through it’s packaged snacks business) with INR 12,800 Cr (packaged food and restaurant business) in annual revenues and a net profit of INR 1,400 Cr for FY 23-24.
The deal by Singapore-based Temasek Holdings reinforces the confidence in Indian entrepreneurial ventures and bolsters the future opportunity for more such deals to happen.
Haldirams began its journey in the pre-independence era of India in 1937 with its founder Late Shri Ganga Bishan Agarwal setting up a small shop in Bikaner, Rajasthan selling locally favourite sweets and snacks.
In 2022, the two divisions of the family, Nagpur based Haldiram Foods International, which runs dozens of restaurants across Northern India and Delhi based Haldiram Snacks which sells packaged food items merged.