Anupam Mittal reacts – “Ek Laakh Crore ki bhujiya? Kamaal hai India.” This witty remark from the Shark Tank India judge came in response to the recent $10 billion (around ₹8,500 crore) valuation of Haldiram Snacks Foods, a deal that has captured the attention of both Indian and global investors. The comment highlights the remarkable growth of India’s fast-moving consumer goods (FMCG) sector, which continues to attract major international players.
On March 11, 2025, Singaporean investment firm Temasek finalized its acquisition of a 9-10% minority stake in Haldiram’s. This significant deal marks one of the largest foreign investments in India’s FMCG sector and underscores the increasing global interest in the country’s food and retail markets. Temasek’s involvement reflects growing confidence in India’s expanding middle-class market, driven by rising disposable incomes and shifting consumption patterns.
Temasek successfully outbid several global firms to secure its stake in Haldiram’s, a brand synonymous with India’s snacks and traditional foods. This acquisition is part of Temasek’s broader investment strategy in India. The firm already holds a $37 billion exposure in the country as of March 2024 and plans to invest an additional $10 billion over the next three years.
Beyond its stake in Haldiram’s, Temasek has made notable investments in India’s healthcare and food tech sectors. The firm holds a 51% stake in Manipal Health, following a $2 billion investment, and led a $210 million funding round for Rebel Foods in 2024, which valued the company at $1.4 billion. By entering the packaged food sector with Haldiram’s, Temasek diversifies its portfolio in the Indian market, further strengthening its position in the country’s growing economy.
The deal also signifies the broader transformation of India’s FMCG sector, as it continues to expand in response to the rising purchasing power of the country’s middle class. This, in turn, has made India an increasingly attractive destination for foreign investors looking to tap into one of the world’s largest consumer markets.
In addition to Temasek’s stake, there are reports suggesting that private equity firms Blackstone and Alpha Wave Global are in discussions to acquire an additional 5% stake in Haldiram’s. If finalized, this deal would bring even more foreign capital into India’s FMCG sector, reinforcing the country’s growing importance in the global consumer goods landscape.
Haldiram’s, a brand that has become a household name for its traditional snacks and sweets, continues to captivate both domestic and international markets. With a valuation of $10 billion, the company stands as a prime example of India’s FMCG sector’s potential, which continues to draw global attention.
In conclusion, the Temasek-Haldiram’s deal is a significant milestone for India’s FMCG market. As the sector grows and evolves, it will undoubtedly continue to attract major international investments, further positioning India as a key player in the global consumer goods industry.
