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This is one of the largest transactions off late in the fast-moving consumer goods (FMCG) sector.
Singapore's state investment company Temasek has signed a deal to pick up close to a 10% stake in the snacks business of Haldiram's at a cost of about $1 billion, two people with direct knowledge of the matter.
The deal was signed after months of negotiation and Temasek considers Haldiram's a "prized asset" that will help expand its focus on India's consumer sector, said one of the sources, who declined to be named as the decision is private. Temasek's purchase price translates into a roughly $10 billion valuation for the company.
The sale is one of the largest recent transactions in India’s fast-moving consumer goods (FMCG) sector and could pave the way for more foreign investment in the industry.
(Source: Reuters)
