Mumbai, Sept. 11 -- The Singapore government's investment arm Temasek is considering investing in Balaji Wafers Pvt. Ltd, pressing ahead with its focus on food and snacking brands after investing in Haldiram's and Rebel Foods.

A deal may value the Gujarat-based maker of chips, wafers, noodles and confectionery at Rs.38,000-40,000 crore, three people with direct knowledge of the matter said, adding other private equity funds are also likely to show interest.

"These are initial days and the company is engaging with prospective investors, including Temasek, that is betting big on this space," one of the three people said on condition of anonymity.

Last year, Temasek acquired 10% stake in Haldiram's for $1 billion. This was followed by Alp...