CCI approves realty deal between Blackstone and Embassy
The Competition Commission of India (CCI) has approved a real estate deal between global private equity giant Blackstone group and Pune-based realty firm Embassy Group.
The proposed deal involves Blackstone and Embassy group having joint control over an entity engaged in the development and management of commercial and office space. It has been dubbed as one of the biggest realty deals in the country’s commercial and office space real estate business.
As per the deal, Singapore-based entities of Blackstone would get compulsorily convertible debentures of Pune Dynasty Projects Private Ltd, 51 per cent of which is currently owned by Embasy Property Developments Ltd (EPDL).
Upon conversion of these debentures, Blackstone Group would get 50 per cent stake in Pune Dynasty Projects Private Ltd (PDPPL) and would have joint control with Embassy group firm EPDL over the assets and affairs of PDPPL.
Blackstone Group, commercial and office space, commercial and office space in India, Competition Commission of India (CCI), compulsorily convertible debentures, Embassy Group, Embasy Property Developments Ltd, Private equity firms, Pune, Pune Dynasty Projects Private Ltd, Pune-based developer, Real estate deals, Real estate firms, Real estate in India, Singapore
