A consortium comprising Blackstone (BX.N), Singapore’s state fund GIC, and Abu Dhabi Investment Authority (ADIA) is in discussions with India’s renowned Haldiram‘s for acquiring a majority stake in its snacks business, with a potential valuation of up to $8.5 billion, according to sources with direct knowledge of the matter.

Haldiram’s, a household name in India, operates over 150 restaurants that offer a mix of local food, sweets, and western cuisine. However, the ongoing deal discussions focus specifically on Haldiram’s widely popular snacks business, the sources indicated, requesting anonymity due to the private nature of the talks.

The consortium, led by Blackstone, has submitted a non-binding bid for a 75% stake in the snacks segment, although the final stake percentage and exact valuation are still under negotiation. Both GIC and ADIA, as investors in Blackstone’s funds, are part of this non-binding bid, the sources added.

Haldiram’s CEO Krishan Chutani, ADIA, and Blackstone have all declined to comment on the matter, while GIC has yet to respond.

In a related development last year, Reuters reported that India’s Tata Group was in negotiations to acquire a majority stake in Haldiram’s entire snacks and restaurant business. At that time, Haldiram’s was seeking a valuation of $10 billion. However, those talks have since ended, and no deal with Tata Group is currently in progress, a third source with direct knowledge confirmed on Tuesday.

The potential acquisition by the Blackstone-led consortium highlights the continued interest in India’s growing snacks market, valued for its substantial growth potential and wide consumer base. If successful, this deal could mark one of the largest investments in the Indian food and beverage sector, further bolstering Haldiram’s market position and expanding its global reach.