Tata Consumer Products, a unit of Tata Group, is in talks to buy a 51% stake in the popular Indian snack food maker Haldirams.

However, the company is not comfortable with the price valuation of the company at $10 billion.

If the acquisition goes through, the Indian conglomerate will directly compete with billionaire Mukesh Ambani’s Reliance Retail and Pepsi. The company is also in talks with asset managers like Bain Capital.

Tata Consumer committed to this by saying, “We would like to add that the company evaluates various strategic opportunities for growth and expansion of the business of the company, on an ongoing basis. The company will make appropriate announcements in compliance with the obligations under SEBI (LODR) Regulations, 2015, as and then any such requirement arises.”

Haldiram’s was initially founded in 1937 and is well known for its crispy “bhujia” snack for as low as Rs 10. The snack is also sold in overseas markets like Singapore and the United States and has over 150 restaurants selling local food, sweets, and Western cuisine.

During its quarterly report for the April-June quarter, Tata Group company reported a 22.02% YoY increase in its net profit at Rs 33 crore and a 12.44% YoY increase in revenue from operations at Rs 3,741 crore.

Acquiring a stake in Haldiram’s will drastically expand Tata’s consumer products reach.