Private equity investor Blackstone has withdrawn from the race to acquire a minority stake in the snacks business of India's Haldiram's due to valuation concerns. The decision comes after seven months of negotiations, with Blackstone initially seeking a majority stake before agreeing to a smaller share. However, the two parties failed to reach an agreement on valuation, with Blackstone offering around $8 billion for a 15% stake and Haldiram's seeking a higher valuation of $10 billion. Haldiram's, which holds a near 13% share of India's $6.2 billion savory snacks market, remains a tempting asset for foreign investors. The company's snacks business, including its popular "bhujia" snack, has proven to be a lucrative venture. Despite Blackstone's withdrawal, rival bidder Temasek remains in the race to acquire a minority stake in the business. The failed negotiations also highlighted a disconnect over a potential IPO timeline, with Blackstone pushing for an initial public offering within three years and Haldiram's seeking a five-year timeline. The Indian company, which started as a small shop in Rajasthan in 1937, has declined to comment on the matter, while Blackstone and Temasek have also refrained from commenting.