Haldiram’s expands into UK with gluten-free Indian sweets

UK – Haldiram’s, an Indian manufacturer of traditional sweets, has launched its Khaas Collection, a range of gluten-free sweets originating from India, to meet consumer demand.

According to the company, the product combines marzipan and a ‘modern gifting experience. Its flavors include, Choco Dip Caramel, Hazelnut Crunch, Saffron Nut Delight, Pistachio Vanilla, Pistachio Truffle and Blueberry Cheese.

Rhea Agarwal, Director of Business Development for the UK and EU, said, “Indian cuisine is among the most popular in the UK, with 33% of Brits enjoying Indian takeaways at least once a week.

“Additionally, with the UK’s gifting market valued at approximately US$ 96.9 billion in 2024, we aim to capture a significant share by offering unique, high-quality and customisable gift options.”

He added that the entire range is gluten-free and customers can create their custom selections to offer a bespoke gift.

Haldiram’s announces 10% stake acquisition by Temasek

Recently, the company signed an agreement to sell 10% of its stake to Temasek, Singapore’s state investment company, for US$1 billion.

The acquisition marks one of the most significant deals in India’s fast-moving consumer goods sector, potentially signaling more foreign investment ahead.

With a reported US$37 billion exposure to India as of March 2024 and plans to invest an additional US$10 billion over the next three years, Temasek is diversifying beyond its high-profile stakes in Rebel Foods (where it led a US$210 million round in 2024, valuing it at US$1.4 billion).

Temasek’s stake purchase follows the withdrawal of private equity investor Blackstone from the race to acquire a minority stake in Haldiram’s, citing valuation concerns.

Blackstone, the world’s largest alternative asset manager, dropped plans to acquire a majority stake in Haldiram’s snacks business in India, opting for a 20% stake at a valuation of US$8 billion, which is still a sticking point.

There was a disconnect over valuation. Two sources familiar with the situation said Haldiram’s wanted to value the snacks business at US$12 billion, but Blackstone aimed to seal the deal at US$8 billion.

In May 2024, Reuters reported that a consortium led by Blackstone was eyeing a 75% stake in the business and had made a nonbinding bid. However, those talks did not materialise as Haldiram’s was no longer keen to sell a big stake.

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