Haldiram’s offers a variety of products from sweets and savoury snacks to frozen meals and breads. Credit: Scott Graham via Unsplash.

Singapore’s state-owned investment company Temasek Holdings is in preliminary discussions to purchase a 10 to 15% stake in Haldiram Snacks, potentially valuing the Indian snack manufacturer at $11bn.

The talks, which are ongoing and may not result in a deal, could pave the way for Haldiram’s eventual initial public offering (IPO), as reported by Bloomberg.

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Founded in the 1930s by Ganga Bishan Agarwal, Haldiram’s has grown into India’s largest snack maker, offering a variety of products from sweets and savoury snacks to frozen meals and breads.

The company also operates 43 restaurants in the Delhi area.

While a Temasek representative declined to comment on the negotiations and Haldiram’s has not yet issued a statement, the potential deal underscores the growing interest of global investors in the Indian market.

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The Agarwal family, which owns Haldiram’s, has been considering options for the business, including a sale or an IPO.

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Temasek’s interest in Haldiram’s aligns with the Singaporean firm’s strategy of acquiring minority stakes to support the expansion of Indian companies.

Temasek’s managing director for India investments, Vishesh Shrivastav, revealed that the company has invested $37bn in India since 2004 and plans to significantly increase this investment.

In early 2024, Temasek was reported to be in advanced discussions to invest up to $150m in Indian online restaurant company Rebel Foods.

The move is indicative of Temasek’s broader investment approach in India, which typically avoids majority ownership in favour of strategic minority investments.