Haldirams announces agreement with Singapore investment major Temasek
Haldiram Snacks Food Pvt. Ltd, the renowned Indian multinational snacks and sweets company, has entered an agreement with Singapore-headquartered global investment firm Temasek, the firm announced on March 30th.
The agreement will see Temasek acquire an equity stake from the existing shareholders of Haldirams.
“This transaction positions Haldirams to continue its ambitious expansion plans both in India and internationally, solidifying its presence in an increasingly competitive market,” the announcement added.
On March 11, Moneycontrol was the first to
report
that Temasek would soon reach definitive agreements to pick up a minority stake of around 9 per cent in Haldiram Snacks for around Rs 8,000 crores.
A 9 percent stake for Rs 8,000 crores translates into a valuation of around Rs 89,000 crores for the entire firm or around $10 bn, making it one of the biggest transactions in the domestic consumer segment in recent times.
On January 7, Moneycontrol was also the first to report that
Temasek had signed a term sheet
to pick up a sub 10 percent stake in Haldiram Snacks and would proceed with final pacts later .
PwC Investment Banking team acted as the exclusive financial advisor to the transaction and Khaitan & Co acted as the legal advisor.
The transaction, which is subject to customary regulatory approvals, is expected to close soon.
On behalf of the Haldirams group, the Spokesperson 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.”
Sanjeev Krishan, Chairperson, PwC in India, said, “At PwC, we take pride in being catalysts of entrepreneurial success-helping businesses transform into global giants. Our decade-long collaboration with the Haldirams exemplifies this commitment. Over the years, we have advised them on various strategic planning and decision making. This transaction is not only the largest private equity consumer deal in India, but also a reflection of domestic businesses that continue to elevate India’s positioning on the global stage. We thank the Haldirams family for trusting us and giving this opportunity.”Bengaluru News: BBMP To Charge New Waste Management Fee Up To Rs 400 Monthly From April 1 | Details
