Singapore state investor Temasek Holdings Pte. is in talks to buy a minority stake in Haldiram Snacks in a transaction that may value India’s biggest snack maker at about $11 billion, Bloomberg reported on Friday.
Temasek is holding preliminary talks to buy a 10-15% stake in Haldiram, the report said, adding that the investment may serve as a stepping stone towards a potential initial public offering (IPO) of the company.
Haldiram Snacks has been exploring options, including a sale of the business and a potential IPO.
In May, media reports said that a consortium led by private equity fund Blackstone, along with the Abu Dhabi Investment Authority (ADIA) and GIC of Singapore, submitted a non-binding bid to acquire a controlling stake in Haldiram Snacks Food.
Temasek has deployed nearly $37 billion in India over the past two decades, according to Vishesh Shrivastav, its managing director for India investments. That figure is set to rise sharply, with the company saying last year it planned to commit billions more.
Temasek plans to invest up to $10 billion in India over three years in sectors such as financial services and healthcare, Reuters reported in July, favouring India as it turns cautious on China.
