NEW DELHI: Singapore’s state investment firm Temasek has signed a deal to pick up close to a 10 per cent interest in the snacks company of India’s Haldiram’s at a cost of about US$ 1 billion, two people with strong knowledge of the matter said on Wednesday ( Mar 12 ).
The deal was signed after months of dialogue and Temasek considers Haldiram’s a “prized property” that will help increase its emphasis on India’s customer field, said one of the sources, who declined to be named as the decision is personal. Temasek’s order amount translates into a around US$ 10 billion pricing for the business.
Temasek said it will never comment on industry debate regarding the filing. Calling to Haldiram’s CEO Krishan Kumar Chutani were never answered.
Temasek’s play order comes just over a year after private equity investment Blackstone pulled out of the competition to acquire a minority stake in Haldiram’s, citing valuation concerns, Reuters reported earlier this month.