The Competition Commission of India (CCI) has granted approval for the acquisition of a significant minority stake in Kolte-Patil Developers by BREP Asia III India Holding Co VII.

As per the proposed transaction, BREP Asia III India Holding Co VII (the Acquirer) will acquire up to 40 per cent shareholding in Kolte-Patil Developers (the Target) through a combination of primary and secondary investments, including share subscription and share purchase. The transaction also includes an open offer for additional shares of the Target, as per regulatory norms.

The Acquirer is an affiliate of funds advised and/or managed by entities affiliated with Blackstone Inc., one of the world’s leading alternative investment firms with a diversified global portfolio.

Kolte-Patil Developers, a listed entity in India, is primarily engaged in the construction, development, and sale of residential and commercial real estate projects.

The Commission’s detailed order on the matter will be issued in due course.