(Bloomberg) -- A consortium led by Blackstone Inc. has emerged as the preferred bidder for a minority stake in Haldiram Snacks Pvt., people familiar with the matter said, following months of negotiations on a potential deal.

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Blackstone, which is in talks to team up with Singapore state investor GIC Pte and Abu Dhabi Investment Authority, may pay around $1.6 billion for a 20% stake in Haldiram, the people said, asking not to be identified because the deliberations are private. A transaction could value India’s biggest snacks maker at about $8 billion, the people said.

Talks are advanced and the parties are looking to reach an agreement as soon as the coming weeks, the people said, adding that other bidders remain interested in potentially buying a stake.

Considerations are ongoing and no final decisions have been made, the people said. Representatives for Blackstone, GIC, Haldiram and ADIA declined to comment.

Founded by Ganga Bishan Agarwal in the 1930s in north India, Haldiram sells a range of foods from sweet and savory snacks to frozen meals and breads. It also runs 43 restaurants in and around Delhi, according to its website.

The owners have for months been considering different options for the business, including an initial public offering and a majority stake sale, seeking a valuation of as much as $12 billion, Bloomberg News has reported. Other potential suitors for a minority stake include Singapore state-owned investor Temasek Holdings Pte, people familiar with the matter have said.

--With assistance from Adveith Nair.

(Updates with responses from GIC and ADIA in fourth paragraph.)

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