The Competition Commission of India (CCI) has approved the acquisition of a 40 per cent stake in Kolte-Patil Developers Limited by BREP Asia III India Holding Co VII Pte. Ltd., an affiliate of global asset manager Blackstone Inc.

The transaction involves a combination of share subscription and share purchase, along with an open offer for acquiring additional shares of Kolte-Patil Developers. This strategic investment marks a significant entry by Blackstone into the Indian real estate development space.

Kolte-Patil, a listed firm, is primarily involved in the construction, development and sale of residential and commercial real estate projects. The investment is expected to support the company’s growth plans and expand its operational capabilities.

BREP Asia III India Holding Co VII Pte. Ltd. is affiliated with funds managed or advised by Blackstone entities, which manage a broad portfolio of alternative assets worldwide.

The CCI’s detailed order on the transaction is expected to follow in due course.