Reliance Industries Chairman Mukesh Ambani-- Asias richest man-- who is planning to enter Indias Rs 42694.9 crore snack industry faces a major challenge as US-based asset manager Blackstone Group is eyeing a 20 percent stake in Haldirams -- one of the major players in Indias snack market. According to a Reuters report Blackstone had earlier sought to acquire a majority stake in Haldirams snacks business but those plans have been dropped and is now discussing a 20 percent stake in the Indian company at a valuation of $8 billion. Haldirams has 13 percent share in the $6.2-billion Indian snacks market according to Euromonitor International. The company famous for its savoury snacks also runs over 150 restaurants across India but foreign investors are mainly interested in investing in its popular snacks business. Earlier in May this year a Blackstone-led consortium sought to acquire a 75 percent stake in Haldirams business and had made a non-binding bid but those talks did not materialise as Haldirams is no longer keen to sell a big stake Reuters reported. Haldirams seeks $12 billion valuation Blackstone and Haldirams are negotiating over the valuation of its snacks business with the latter wanting to value it at $12 billion but Blackstone aiming to seal the deal at $8 billion the report said quoting sources.  According to Reuters two sources put the size of the stake under discussion at 20 percent while a third source put it in a range of 15 per cent to 20 per cent and said Blackstone remains keen to deploy capital in the company. Also in the running for a minority stake in the Indian business two of the sources said are Bain Capital Singapore state investor Temasek and Abu Dhabi Investment Authority (ADIA) though they gave no details of their plans the report said. Last year it was reported that the Tata Group was engaged in talks with Haldirams to acquire a majority stake in the entire snacks and restaurants business. Haldirams was seeking a valuation of $10 billion at the time but those talks ended and no Tata deal is in the works. Haldirams started in 1937 with a tiny shop in the city of Bikaner in Rajasthan and is currently one of the leading manufacturers of savory snacks which are highly popular in India. One of its most popular snacks is bhujia a crispy fried Indian snack made with flour herbs and spices and sold for as little as 10 rupees. Meanwhile Indias snack market is set to turn into a battleground as Mukesh Ambani Asias richest man has decided to foray into the massive Rs 42694.9 crore industry posing a major challenge to market leaders like Haldirams Britannia and PepsiCo. Mukesh Ambani who recently turned Indias soft-drink market upside down taking on global giants Coca Cola and Pepsi with his Campa Cola brand is now eyeing the snacks market which is dominated by major players like Haldirams and Britannia. (With inputs from Reuters)