Blackstone Secures CCI Approval for Majority Stake in Kolte-Patil Developers
The Competition Commission of India (CCI) has approved Blackstone's proposal to acquire a 40% stake in Kolte-Patil Developers, marking a significant move in the Indian real estate market.
Real EstateBlackstoneKoltepatil DevelopersCompetition Commission Of IndiaCciReal Estate PuneJun 10, 2025
US-based Blackstone, through its affiliate BREP Asia III India Holding Co VII Pte Ltd, is set to acquire a 40% stake in Kolte-Patil Developers. According to the CCI, the combination involves the acquisition of a 40% shareholding in Kolte-Patil Developers Ltd through a combination of share subscription and share purchase.
The transaction also includes the acquisition of shares of the target under an open offer, as stated in the CCI release. The regulator approved the acquisition of a certain shareholding in Kolte-Patil Developers Limited by BREP Asia III India Holding Co VII Pte. Ltd, as confirmed in a post on X.
Kolte-Patil Developers is a listed company primarily engaged in the business of construction, development, and sale of real estate. In March 2025, Blackstone announced its plan to acquire a 40% stake in the realty firm for ₹1,150 crore. This investment includes a 14.3% stake for ₹417 crore through a preferential issue of equity shares and another 25.7% stake from the promoters group for ₹750 crore.
Following the initial acquisition, Blackstone launched an open offer to acquire up to 26% stake in Kolte-Patil Developers from public shareholders for ₹758.56 crore. This move will give the global investment firm joint control over the company alongside the promoters.
Blackstone aims to double its exposure in India to $100 billion. The firm has been present in the country for the last two decades and currently has a $50 billion exposure to India, including ongoing investments and exited bets. Blackstone's investment in Kolte-Patil Developers marks its entry into the residential real estate market, following significant exposure in office, shopping mall, warehousing, and data center verticals.
In a separate development, the CCI also cleared the acquisition of certain issued and paid-up equity share capital of Goldi Solar by Havells India Ltd and the acquisition of 100% 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 various products such as fans, lightings, switches, home appliances, and solar modules in India.
Goldi Solar and its affiliates are involved in the manufacturing and sale of solar modules and the provision of engineering, procurement, and construction services for the solar sector. Vama is engaged in the sale of solar inverters in India. The CCI approved these transactions, as they promote fair competition and prevent unfair business practices in the marketplace.
Deals that exceed a certain threshold require approval from the CCI, which ensures fair competition and monitors business practices to prevent monopolistic behavior. This regulatory oversight is crucial for maintaining a healthy and competitive business environment in India.
Frequently Asked Questions
What is the significance of Blackstone's acquisition of a stake in Kolte-Patil Developers?
The acquisition is significant as it marks Blackstone's entry into the Indian residential real estate market, expanding its presence in the country and doubling its exposure to $100 billion.
What is the proposed stake percentage that Blackstone will acquire in Kolte-Patil Developers?
Blackstone plans to acquire a 40% stake in Kolte-Patil Developers, which includes a 14.3% stake through a preferential issue of equity shares and a 25.7% stake from the promoters group.
How much is Blackstone investing to acquire the stake in Kolte-Patil Developers?
Blackstone is investing ₹1,150 crore to acquire the 40% stake in Kolte-Patil Developers, including ₹417 crore for the preferential issue and ₹750 crore from the promoters group.
What is the role of the Competition Commission of India (CCI) in this acquisition?
The CCI approves major business acquisitions to ensure fair competition and prevent monopolistic practices. It has cleared Blackstone's proposal to acquire a stake in Kolte-Patil Developers.
What other acquisitions did the CCI approve alongside Blackstone's deal?
The CCI also approved the acquisition of certain issued and paid-up equity share capital of Goldi Solar by Havells India Ltd and the acquisition of 100% partnership interest of Vama Inverters LLP and Goldi Energy LLP by Goldi Sun Pvt Ltd.
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