Temasek Hungry for More: Targets Indian Family Businesses After Haldiram’s Deal

Singapore’s state-owned investment firm Temasek is planning to increase its investments in Indian family-owned businesses, a senior executive said on Monday, underscoring its growing confidence in India’s consumer and healthcare sectors, as per a report by Reuters.

This announcement comes just months after Temasek made headlines with a $1 billion investment in snack giant Haldiram’s, acquiring a 10% stake in the homegrown brand at a valuation of roughly $10 billion. The deal marked a strategic entry into India’s booming food and FMCG landscape, with sources calling Haldiram’s a “prized asset” for long-term consumer sector growth.

“We’ve been very active in backing family-run businesses and can invest across the value chain,” said Vishesh Shrivastav, Managing Director at Temasek India, in an interview at the firm’s Mumbai office.

Temasek has previously supported Indian businesses with deep family roots, including Manipal Hospitals and Dr. Agarwal’s Health Care. In a separate disclosure, the firm reaffirmed its interest in expanding such partnerships to “drive long-term value creation,” though it did not name any upcoming targets.

Also Read: Is Temasek’s 10% Stake In Haldirams A Game-Changer? Full Report | Republic World

In April 2023, Temasek invested $2 billion to increase its stake in Manipal Hospitals from 18% to 59%, in what became the largest hospital sector deal in Indian history. 

While it later divested a minority stake to Novo Holdings (the parent of Novo Nordisk) and Mubadala of Abu Dhabi, Temasek still holds a controlling share in the chain. Shrivastav called Manipal “an eminently listable company,” hinting at potential IPO plans.

India remains Temasek’s top-performing geography over the last decade. As the world’s fastest-growing large economy and the second-largest IPO market in 2025, India continues to attract long-term capital. Temasek reiterated its plan to invest up to $10 billion in India over three years, having already deployed more than $3 billion in the past year alone.