India-based Haldiram Snacks Food has agreed to sell a stake in the business to Temasek, the Singapore state-owned investment fund.

The terms of the deal, including the size of Temasek’s shareholding and how much it has paid, were not disclosed.

Approached by Just Food, a Temasek spokesperson referred this publication to a statement issued by PwC, which was an advisor on the deal.

Officials in Haldiram Snacks Food, also known as Haldirams, were unavailable to comment. Haldirams is one of India’s largest domestic snack-foods businesses. Set up in 1937, the company markets snacks, sweets and other foods.

In PwC’s statement, the professional-services group said Temasek had struck a deal to buy “an equity stake from the existing shareholders” of Haldirams.

“This transaction positions Haldirams to continue its ambitious expansion plans both in India and internationally, solidifying its presence in an increasingly competitive market,” the statement read.

The statement carried quotes from an unnamed Haldirams spokesperson, which read: “We are thrilled to welcome Temasek as an investor and partner in Haldirams. 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.”

Indian business daily Financial Express said Temasek is acquiring a stake of around 10% in Haldirams for approximately Rs8,600 ($1.01bn). The Temasek spokesperson declined to comment on whether those figures were correct.

In the PwC statement, Sanjeev Krishnan, the chairperson of the company’s arm in India, said: “This transaction is not only the largest private equity consumer deal in India, but also a reflection of domestic businesses that continue to elevate India’s positioning on the global stage.”

In April, the Competition Commission of India backed a move by the Agarwal family, promoters of the Haldiram Group, to demerge and combine the FMCG businesses housed in two separate companies into Haldiram Snacks Food, the entity in which Temasek is investing.

Under the planned transaction, the FMCG businesses undertaken by Haldiram Snacks Private Limited and by Haldiram Foods International Private Limited are being placed in Haldiram Snacks Food.

The terms of the demerger meant Haldiram Snacks Private Limited would own 56% of Haldiram Snacks Food and Haldiram Foods International Private Limited the other 44%.

Meanwhile, another Indian business daily, The Economic Times, said UAE-based fund Alpha Wave had agreed a deal to take a 6% shareholding in Haldirams.

Just Food has contacted Alpha Wave and Temasek to comment on that transaction.