Blackstone Gets CCI Nod to Acquire Majority Stake in Kolte-Patil Developers

Fair trade regulator CCI on Tuesday cleared global asset manager Blackstone's proposal to acquire a majority stake in Pune-based Kolte-Patil Developers.

US-based Blackstone through its affiliate BREP Asia III India Holding Co VII Pte Ltd is acquiring a stake in Kolte-Patil Developers.

"The combination envisages acquisition of 40 per cent shareholding in Kolte-Patil Developers Ltd by BREP Asia III India Holding Co VII Pte Ltd through a combination of share subscription and share purchase," the Competition Commission of India (CCI) said in a release.

The transaction also envisages the acquisition of shares of the target under an open offer, it added.

"CCI approves the acquisition of a certain shareholding in Kolte-Patil Developers Limited by BREP Asia III India Holding Co VII Pte. Ltd," the regulator said in a post on X.

Kolte-Patil Developers, a listed company which is primarily engaged in the business of construction, development and sale of real estate.

In March this year, Blackstone said that it will acquire a 40 per cent stake in realty firm Kolte-Patil Developers Ltd for Rs 1,150 crore, entering into the Indian residential market after having significant exposure in office, shopping mall, warehousing and date centre verticals of real estate.

The investment firm will acquire a 14.3 per cent stake for Rs 417 crore through a preferential issue of equity shares and another 25.7 per cent stake from the promoters group for Rs 750 crore.

Thereafter, the global investment firm said it has launched an open offer to acquire up to 26 per cent stake in Kolte-Patil Developers from public shareholders for Rs 758.56 crore.

The global investment firm will acquire joint control along with the promoters over the company.

Blackstone aims to double its exposure in India to $ 100 billion.

The firm, which has been present in the country for the last two decades, has a $ 50 billion exposure to India, which includes its ongoing investments and the bets from which it has exited.

In a separate release, CCI cleared the acquisition of certain issued and paid-up equity share capital of Goldi Solar by Havells India Ltd and the acquisition of 100 per cent partnership interest of Vama Inverters LLP and Goldi Energy LLP by Goldi Sun Pvt Ltd.

Havells India is engaged in the manufacturing and sale of several products such as fans, lightings, switches, home appliances, and sale of solar modules, in India.

Goldi Solar and its affiliates are engaged in the manufacturing and sale of solar modules and provision of engineering, procurement, and construction services for solar sector, and Vama is engaged in the sale of solar inverters in India.

"CCI approves acquisition of certain shareholding of Goldi Solar Pvt Ltd by Havells India Ltd and acquisition of 100 per cent partnership interest of Vama Inverters LLP and Goldi Energy LLP by Goldi Sun Pvt Ltd," the competition watchdog said in a post on X.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.