New Delhi, May 14 (IANS): The popular food and snacks chain Haldiram is up for grabs as a global group of investors has reportedly submitted a non-binding bid to acquire a controlling stake worth $8.5 billion in the company that was founded in Bikaner, Rajasthan in 1937.

A global consortium led by top private equity (PE) firm Blackstone, along with Abu Dhabi Investment Authority (ADIA) and Singapore's GIC, have submitted the bid last week for up to 76 per cent stake in Haldiram Snacks Food, according to reports.

Haldiram or the global consortium was yet to confirm the development.

The food chain is the combined packaged snacks and foods business of the Delhi and Nagpur factions of the Agarwal family.

While Haldiram Foods International is led by the Nagpur faction, Haldiram Snacks is led by the Delhi faction.

The two entities are set to be merged to create a new entity, Haldiram Snacks Food.

The Nagpur-based faction registered Rs 3,622 crore in revenue in FY22. The Delhi-based Haldiram Snacks Private Limited clocked Rs 5,248 crore in sales in the same fiscal year.

There have been other attempts in the past to acquire the food chain, especially by VC firms like Bain Capital, Warburg Pincus and General Atlantic, according to reports.

Established in 1937 as a retail sweets and savoury shop in Bikaner, its products are now available in more than 80 countries.