New Delhi, March 11 -- Singapore government's private equity arm Temasek agreed to acquire a 10% stake for Rs.8,500 crore in Haldiram Snacks Food Pvt. Ltd., the parent of eponymous and India's largest snacks brand Haldiram's, said two people aware of the development.

The deal values the business at $10 billion or Rs.85,000 crore, the first person cited above said, speaking on the condition of anonymity as details are not public yet. "The family is likely to sell another 5% stake in the business to either Blackstone and consortium or Alphawave Global," the person added.

The stake sale talks with Blackstone and Alphawave will likely be on the same financial terms as that of Temasek, said the second person cited above, who also didn't want...