By M. Sriram and Aditya Kalra
MUMBAI (Reuters) - A consortium including Blackstone, Singapore state fund GIC and Abu Dhabi Investment Authority (ADIA) is in talks with India's Haldiram's for a majority stake in its snacks business at a valuation of up to $8.5 billion, two sources with direct knowledge said.
Haldiram's, a household name in India, has more than 150 restaurants selling local food, sweets and western cuisine. It also has a popular snacks business for which the deal talks are currently ongoing, said the sources, who declined to be named as the discussions are private.
The consortium, led by Blackstone, has submitted a non-binding bid for a 75% stake and the talks are in early stages, the sources said, adding that the final percentage and valuation has not yet been decided.
GIC and ADIA - both investors in Blackstone's funds - are part of the non-binding bid, the sources added. India's Economic Times newspaper first reported the deal talks.
