CCI okays Temasek Holdings minority stake purchase in Haldiram Snacks Food

New Delhi: The Competition Commission of India on Tuesday approved Singapore's Temasek Holdings proposed acquisition of a minority stake in Haldiram Snacks Food.

Temasek Holdings through its arm Jongsong Investments Pte is acquiring a stake in the target company.

"The proposed transaction entails the acquisition of less than 10 per cent of the issued and paid-up equity share capital of the target (Haldiram Snacks Food Pvt Ltd) by the acquirer (Jongsong Investments Pte)," the Competition Commission of India (CCI) said in a release.

Haldiram Snacks Food is the combined business of the two fractions of the Haldiram family - Delhi and Nagpur. The National Company Law Tribunal has already approved the process of merger of the two fractions, while other regulatory approvals are awaited.

"Commission approves the acquisition of certain issued and paid-up equity share capital of Haldiram Snacks Food Pvt Ltd (target) by Jongsong Investments Pte Ltd (acquirer)," it added.

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

In 2022, it was announced that the packaged snacks businesses of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International would be first demerged and then merged into an entity named Haldiram Snacks Food.

In a separate release, CCI on Tuesday approved the acquisition of majority stake/control over Nazara Technologies Ltd by Axana Estates LLP, Plutus Wealth Management LLP and Junomoneta Finsol Pvt Ltd.

Axana is an LLP incorporated in India. Axana currently does not undertake any business activities or hold any investments and its proposed business involves real estate and business of dealing in shares and securities and other financial instruments.

"Commission approves acquisition of majority stake/control over Nazara Technologies Ltd by Axana Estates LLP, Plutus Wealth Management LLP and Junomoneta Finsol Pvt Ltd," the competition watchdog said.

Plutus is engaged in the business of stock and commodity broking, trading and investments in stock, commodities, and related businesses and Junomoneta Finsol is engaged in the business of proprietary stock broking and trades in equity, commodity and derivative markets.

Nazara functions as a diversified platform in gaming and sports media. Additionally, it is active in the skill-based real money gaming segment and is also engaged in esports events and offers a multi-sports content platform catering to sports enthusiasts in India and the United States.

Deals beyond a certain threshold require approval from the regulator, which keep a tab on unfair business practices as well as promotes fair competition in the marketplace.