Blackstone’s $134 Million Kolte-Patil Deal Further Expands Its Massive Indian Portfolio

India-West News Desk

PUNE – U.S. investment firm Blackstone will purchase a 40% stake in Indian real estate developer Kolte-Patil Developers in a deal worth $134 million.

Blackstone entered India 20 years ago and is now one of the country’s largest owners of office buildings, data centers, shopping malls, and logistics parks.

Kolte-Patil said on March 13 it will allot a Blackstone entity 14.3% preferential shares in a deal worth 4.17 billion rupees, while its controlling shareholders will sell another 25.7% to the U.S. firm for about 7.5 billion rupees.

According to Indian market regulations, the sale will trigger a so-called open offer for Blackstone to buy up to 26% shares from existing shareholders, Reuters noted.

Kolte-Patil builds residential as well as commercial complexes and has a presence in the cities of Mumbai, Pune, and Bengaluru.