Private equity behemoth Blackstone is said to be in advanced talks with the Agrawal family to buy a majority stake in snack maker Haldiram’s.

What Happened: Blackstone, in conjunction with consortium partners Abu Dhabi Investment Authority and Singapore's GIC, has been in talks with the Agrawal family, who are based in Delhi and Nagpur, for a controlling stake in Haldiram's, Moneycontrol reported.

The potential deal, reportedly worth up to ₹70,000 crore, could become the biggest private equity buyout in India’s history.

The Agrawal family is reportedly reluctant to part with a 76% controlling stake as sought by the private equity investors, favouring instead to keep a larger portion of the business. Recent talks with Blackstone are believed to be heading towards a stake sale of around 74%. After the initial delays, the discussions have picked up pace in the past few weeks, Moneycontrol added.

See Also: Zinka Logistics Headed For 550 Cr IPO Files Prospectus

The Blackstone consortium's talks with the snack maker was first reported by The Economic Times in May. Back then, the consortium was reported to be seeking up to a 76% stake in Haldiram's.

However, a report by Bloomberg later said that the talks had stalled as the company was eyeing an IPO after bids from private equity investors valued the company at $8 billion-8.5 billion, falling short of the family’s $12 billion expectation. Alongside Blackstone, Haldiram’s received bids from private equity firms Bain & Co. and Temasek Holdings, the report added.

Read Next: Why This Analyst Thinks RITES’ Q1 Earnings Might Be Derailed