Vadilal Industries Limited (BSE:519156) are in advanced talks to sell their entire stake in the ice cream maker and its domestic distribution business to a combine of Arpwood Partners and PAG, two people aware of the development said. "It will be an all-cash deal that would involve Vadilal's promoters exiting both their companies completely. The transaction is likely to value the business at around INR 10 billion," one of the two people said. Lincoln International is advising Vadilal on the transaction, the person added. While emails sent to Lincoln International, Arpwood Partners and Devanshu Gandhi remained unanswered till press time, PAG declined to comment on the matter. Calls, emails and text messages sent to Vadilal director Rajesh Gandhi did not elicit a response.