Anupam Mittal, an Indian entrepreneur and Shark Tank India judge, recently reacted to the acquisition of a stake in Haldiram Snacks Foods by Singaporean investment firm Temasek. He made a witty remark, “Ek Laakh Crore ki bhujiya? Kamaal hai India,” which translates to “Is a thousand crores worth of bhujiya? It’s amazing in India.” This refers to Haldiram’s reported valuation of $10 billion, a staggering figure that reflects the growing interest in India’s fast-moving consumer goods (FMCG) sector.
Temasek’s investment in Haldiram’s is a significant milestone, as it outbid several global firms to secure a 9-10% minority stake. This deal is one of the largest foreign investments in India’s FMCG sector, demonstrating confidence in the country’s booming food and retail space. India’s growing middle class and shift in consumer behavior have made it an attractive market for global investors.
Temasek’s investment is part of its broader strategy in India, which includes a $37 billion exposure as of March 2024. The company plans to invest an additional $10 billion over the next three years. Haldiram’s is just the latest addition to Temasek’s Indian portfolio, which already includes Manipal Health, Rebel Foods, and others.
The deal may not be the only one, as private equity giants Blackstone and Alpha Wave Global are in talks to acquire an additional 5% stake in Haldiram’s. If successful, this could attract even more foreign capital to India’s FMCG sector. Haldiram’s, known for its traditional sweets and packaged foods, has garnered global attention, and its valuation of $10 billion underscores the strength and potential of India’s FMCG sector.