On May 20, 2025, the Competition Commission of India (CCI) approved the acquisition of a minority stake in Haldiram Snacks Food Private Limited by Jongsong Investments Pte. Ltd., a subsidiary of Singapore-based Temasek Holdings. This strategic acquisition marks a significant development in India’s packaged food industry, aligning with the growing global interest in the sector. This article explores the details of the transaction and its potential impact on India’s food market.
Details of the Acquisition
Minority Stake Acquisition
The proposed transaction involves Jongsong Investments Pte. Ltd. acquiring less than 10% of the issued and paid-up equity share capital of Haldiram Snacks Food Private Limited. This minority stake acquisition is a strategic investment aimed at tapping into the potential of India’s packaged food market, which is witnessing rapid growth due to changing consumer preferences and increasing demand for convenience foods.
About the Acquirer
Jongsong Investments and Temasek Holdings
Jongsong Investments Pte. Ltd. is an investment holding company and an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited, a globally renowned investment firm headquartered in Singapore. Temasek’s portfolio spans diverse sectors, including Financial Services, Consumer & Real Estate, Life Sciences & Agri-Food, and Telecommunications, Media & Technology. The acquisition reflects Temasek’s strategic focus on the Agri-Food sector, particularly in high-growth markets like India.
About the Target
Haldiram Snacks Food Pvt. Ltd.
Incorporated on December 12, 2022, Haldiram Snacks Food Private Limited is a relatively new entity that currently does not have active business operations. However, the company, along with its affiliates, is set to engage in the manufacture and sale of packaged food products in India. Its product portfolio is expected to include snacks, sweets, ready-to-eat products, dairy products, bakery products, chocolates, and non-carbonated ready-to-drink beverages. This positions Haldiram as a key player in India’s competitive packaged food market.
CCI’s Role in Market Regulation
Ensuring Fair Competition
The approval by the Competition Commission of India underscores its role in maintaining a fair and competitive market environment. The CCI evaluates such acquisitions to ensure they do not lead to anti-competitive practices or disrupt market dynamics. By approving this transaction, the CCI has ensured that it aligns with India’s competition laws, fostering growth while protecting consumer interests. A detailed order from the CCI is expected to provide further insights into the regulatory considerations.
Implications for India’s Packaged Food Industry
Boosting Growth and Innovation
The acquisition by Jongsong Investments is likely to bring capital and expertise to Haldiram Snacks, enabling it to scale its operations and innovate in the packaged food sector. With Temasek’s global experience and resources, Haldiram can strengthen its market position, offering a wider range of products to meet evolving consumer demands. This move also highlights the growing attractiveness of India’s food and beverage industry for global investors, signaling opportunities for further investments and collaborations.
Key Highlights
| Aspect | Details |
|---|---|
| Event | CCI approval of acquisition on May 20, 2025 |
| Acquirer | Jongsong Investments Pte. Ltd. (subsidiary of Temasek Holdings) |
| Target | Haldiram Snacks Food Pvt. Ltd. (packaged food products) |
| Stake | Less than 10% of issued and paid-up equity share capital |
| Target’s Business | Manufacture and sale of snacks, sweets, ready-to-eat products, dairy, bakery, chocolates, and beverages |
| Impact | Strengthens Haldiram’s position, boosts investment in India’s packaged food sector |