Is Kellogg's (K, $56.58) eyeing India's Haldiram's?

U.S. breakfast cereal behemoth Kellogg’s is reportedly considering an investment in Indian snacks foods company Haldiram's, as reported by Indian newspaper The Economic Times citing anonymous sources familiar with the matter.

Haldiram’s is a 25 year old company, and its major hubs are Indian cities Delhi, Nagpur and Kolkata. The ongoing talks about Kellogg’s interest involve two of the three branches— Delhi-based Haldiram Ethnic Foods and its affiliates, and Nagpur based Haldiram’s Food International and affiliates. The two businesses are reportedly valued at around $3 billion  (excluding the restautrant business).

“As per our policy, we don’t comment on rumours or speculation regarding potential acquisitions, JVs or divestitures,” a spokesperson for Kellogg India said in an email reply, according to the Economic Times.

Kellogg's is rumoured to have been in talks intermittently with the company for close to a year. But some members of the family-owned Haldiram’s are reportedly considering possibilities of an initial public offering (according to the Economic Times).  In the past, PepsiCo’s Indra Nooyi had reportedly discussed a buyout, but Haldiram’s refused (as reported in the Economic Times article).