The Competition Commission of India (CCI) has approved global private equity firm Blackstone’s plan to acquire stakes in real estate firm K. Raheja Corp’s (KRC) commercial office portfolio.
Blackstone has been the front-runner to buy 15% stake in the K. Raheja Corp’s commercial real estate business for $250-300 million. The Mumbai-based developer’s office portfolio is spread over 20 million square feet in markets like Mumbai, Pune, and Hyderabad.
In a tweet, CCI said it has approved “acquisition of stakes in certain entities of KRC Group by Blackstone”.
Both K. Raheja and Blackstone declined to comment on the deal.
K. Raheja Corp has been aggressively looking to ramp up its commercial portfolio. Last year, the company had said it is investing around Rs2,000 crore in acquiring land and building 6 million square feet of commercial space in the next two-and-a-half years in Navi Mumbai.
The company has also been gearing up for Real Estate Investment Trust (REIT) listing in India.
Source: Mint