CCI Clears Blackstone’s Rs 11.5 Billion Kolte-Patil Deal

17 Jun 2025 CW Team

The Competition Commission of India (CCI) has approved Blackstone’s acquisition of a 40 per cent stake in Pune-based Kolte-Patil Developers Ltd. The deal, valued at Rs 11.5 billion, marks Blackstone’s entry into the Indian residential real estate sector.

The acquisition will be made by Blackstone’s affiliate, BREP Asia III India Holding Co VII Pte Ltd, through a combination of preferential share subscription and promoter stake purchase. As part of the agreement, Blackstone will also launch an open offer to acquire up to 26 per cent of Kolte-Patil's equity from public shareholders for an additional Rs 7.59 billion.

In March 2025, Blackstone had announced its intent to invest in the developer, with a 14.3 per cent stake acquired via a preferential issue for Rs 4.17 billion, and a 25.7 per cent stake purchased from the promoter group for Rs 7.5 billion. Following the transaction, Blackstone and Kolte-Patil’s promoters will jointly control the company.

This investment is part of Blackstone’s broader strategy to double its India exposure to USD 100 billion. The firm currently has an exposure of USD 50 billion in the country across real estate sectors such as offices, shopping malls, warehouses, and data centres.

In a separate development, CCI has also approved Havells India Ltd’s acquisition of a stake in Goldi Solar Pvt Ltd, and Goldi Sun Pvt Ltd’s acquisition of 100 per cent partnership interest in Vama Inverters LLP and Goldi Energy LLP.

Havells, known for manufacturing fans, lighting, switches, and appliances, is expanding into solar. Goldi Solar and its affiliates are engaged in manufacturing solar modules and EPC services for the solar sector, while Vama Inverters deals in solar inverter sales.

The approvals reflect CCI’s role in regulating major transactions to promote fair competition and ensure compliance with thresholds in M&A activity across sectors.

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