The Competition Commission of India (CCI) has approved BREP Asia III India Holding Co VII’s proposal to acquire a 40 per cent stake in Kolte-Patil Developers Limited.
According to a press release, “The acquirer is an affiliate of funds advised and/or managed by affiliates of Blackstone Inc. Blackstone is a global alternative asset manager.”
The acquisition will be executed through two primary mechanisms—share subscription and share purchase.
Additionally, the deal includes an open offer to acquire further shares from public shareholders of Kolte-Patil Developers. Such an offer is typically mandated under SEBI rules when a significant stake is acquired and provides public shareholders an exit opportunity. Depending on the uptake, Blackstone’s total holding could exceed 40 per cent.
Blackstone’s strategic move
Kolte-Patil Developers, a prominent real estate company based in Pune, has been actively expanding its footprint in Mumbai and Bengaluru.
In March 2025, Blackstone revealed its intention to acquire up to 66 per cent stake in Kolte-Patil Developers, signaling its strategic foray into India’s residential real estate market. This move complements Blackstone’s existing portfolio of commercial real estate assets in the country.
Financial performance
In Q4 of FY25, Kolte-Patil Developers posted a net profit of ₹66.29 crore, with total income rising 37 per cent year-on-year to ₹723.2 crore.
However, the company reported a 15 per cent year-on-year and 7 per cent quarter-on-quarter decline in sales, totalling ₹631 crore, largely due to delays in planned project launches.
Despite the drop in sales, collections for the quarter were strong, increasing 19 per cent year-on-year and 24 per cent quarter-on-quarter to ₹704 crore. Yet, the total volume of property sold dipped 23 per cent year-on-year to 0.8 million square feet.
The acquisition reflects Blackstone’s broader strategy to diversify its real estate holdings in India, with a particular focus on the residential segment as urban demand continues to rise.
