However, the details of the deal such as the valuation have not yet been disclosed yet, according to a report by news agency PTI.

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Temasek may, however, acquire a minority 10% stake in Haldiram at a valuation of $10 billion (about ₹85,000 crore), according to the report which cited industry sources.

This deal “is subject to customary regulatory approvals, (and) is expected to close soon”, the company said.

The proceeds of the deal are to be used by Haldiram’s to expand in both domestic and international markets.

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“We are thrilled to welcome Temasek as an investor and partner in Haldirams,” the report quoted a Haldirams group spokesperson as saying. “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.”

The deal comes at a time when several Several Private Equity (PE) firms such as Blackstone, Alpha Wave Global, and Bain Capital-led consortiums decided to be part of the race to pick up a stake in Haldiram Snacks Food, the combined business of the Haldiram family of Delhi and Nagpur.

The National Company Law Tribunal (NCLT) had earlier approved the merger of the two sides and other regulatory approvals are awaited, according to the report.

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Some other media reports now suggest that the promoters of Haldiram Snacks Food will sell another 6% stake in Alpha Wave Global.

Haldiram was established in 1937 as a retail sweets and namkeen shop in Bikaner, Rajasthan, by Ganga Bhishen Agarwal. Its products are now sold in over 80 countries.