The proposed transaction entails the acquisition of less than 10 per cent of the issued and paid-up equity share capital of Haldiram Snacks Food by Jongsong Investments
The Competition Commission of India (CCI) has approved the acquisition of certain issued and paid-up equity share capital of Haldiram Snacks Food by Jongsong Investments on Tuesday. Jongsong Investments is an indirect wholly owned subsidiary of Singapore’s Temasek Holdings.
The CCI stated, “The proposed transaction entails the acquisition of less than 10 per cent of the issued and paid-up equity share capital of the target by the acquirer. The acquirer is an investment holding company and does not engage in any business operations other than holding investments.”
Temasek’s global portfolio covers a broad spectrum of industries, including transportation and industrials, financial services, telecommunications, media and technology, consumer and real estate, among others, the CCI highlighted in a release.
Haldiram Snacks Food was incorporated on 12 December 2022, and currently, it does not have any business operations. The Commission noted that the company (including its affiliates) will be engaged in the manufacture and sale of packaged food products in India, such as snacks, sweets, ready-to-eat products, dairy products, bakery products, chocolates and non-carbonated ready-to-drink beverages.
