Tata Seeks Control Of Haldiram's, Snack Maker Wants $10 Billion Valuation: Report

New Delhi: Tata Group's consumer unit is in talks to buy at least 51% of popular snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said.

If successfully concluded, a deal would see the conglomerate directly compete with Pepsi and billionaire Mukesh Ambani's Reliance Retail.

Haldi ram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10% stake, they said

Tata Consumer Products, which owns UK tea company Tetley and has a partnership with Starbucks in India, is negotiating the stake purchase, the sources told Reuters.

A third person with direct knowledge of the talks said Tata wanted to buy more than 51% but has told Haldiram's that its "ask is very high."

The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company. Haldiram's is huge in the consumer space and has a wide market share."

Reuters reported that the sources spoke on condition of anonymity.