Blackstone is in an expansion spree in India
The Blackstone Group L.P. is an American multinational private equity, investment banking, alternative asset management and financial services corporation based in New York City. Now this company is in separate talks with IDFC Alternatives Ltd and Paranjape Schemes (Construction) Ltd to buy two phases in the BlueRidge special economic zone (SEZ) in Pune’s Hinjewadi area.
This deal is expected to be closed for around Rs.1, 000 crore. Blackstone is negotiating with IDFC Alternatives for the first phase in BlueRidge. This first phase has around 1.45 million square feet of leased-out office space. The first phase of the IT enclave was developed by the developer Paranjape Schemes.
About $83 million (about Rs.500 crore today) was spent in 2013 for developing this first phase. IDFC had set up a real estate investments business in 2010 to acquire majority ownership in leased and rent-generating information technology (IT) parks and SEZs. IDFC bought the first phase of this IT enclave.
The talks with global private investor Blackstone are at an advanced stage and soon the final contours of the deal will be done. The investments in Pune SEZ and the IT parks were mainly seed investments on IDFC’s balance sheet. Given the fact that the fund-raising market has been difficult, it makes sense for IDFC to exit the Pune SEZ. Since Blackstone is a strong P.E firm, it makes the deal all the more lucrative.
Source- Mint
alternative asset management, Blackstone Group L.P, financial services, IDFC Alternatives, Paranjape Schemes
