Singapore’s state investment company Temasek has finalized a deal to acquire a nearly 10% stake in India’s Haldiram’s snacks business for approximately $1 billion. This significant investment marks Temasek’s continued interest in India’s consumer sector and was confirmed by two sources familiar with the transaction.

The agreement was reached following several months of negotiations, and it positions Haldiram’s as a “prized asset” within Temasek’s portfolio. The purchase values Haldiram’s at around $10 billion, reflecting the company’s strong market presence in the savory snacks sector.

Temasek has opted not to comment on the specifics of the deal, and attempts to reach Haldiram’s CEO Krishan Kumar Chutani for further information went unanswered. Notably, this development comes shortly after private equity giant Blackstone withdrew from the competition to purchase a minority stake in Haldiram’s, citing concerns over valuation.

Haldiram’s was established in 1937 in Bikaner, Rajasthan, and is now estimated to control nearly 13% of India’s $6.2 billion savory snacks market, according to Euromonitor International. One of their most popular products is “bhujia,” a crispy fried snack that can be purchased for as little as Rs10 (42 UAE fils) at local stores.

With this investment, Temasek aims to strengthen its footprint in India’s snack market, joining other investments in the country, including stakes in Manipal Hospitals and KFC and Pizza Hut operator Devyani International.