Prestige completes phase one of asset sale to Blackstone

12 Mar 2021 CW Team

Following the approval from the Competition Commission of India (CCI) in December last year, Bengaluru based real estate developer Prestige Group has sold assets worth Rs 7,467 crore to investment company Blackstone, in the first phase of Rs 9,100 crore transaction.

The first phase of the transaction included the sale of 12 assets and undertakings comprising completed retail, office and hotel assets. The rest of the transaction is expected to be completed by the end of the next quarter.

As a part of the first phase, the company sold a 100% stake in Aloft Hotel, Cessna Business Park and, Trade Tower in Bengaluru and Prestige Fintech in Gift city. It also divested 85% of its rights and interests in retail properties, which include Forum Neighbourhood, Forum Koramangala, Forum Shantiniketan, and Oakwood Residences in Bengaluru, Forum Fiza in Mangaluru, Forum Centre City in Mysuru, Forum Celebration in Udaipur and Forum Sujana in Hyderabad.

4th Indian Cement Review Conference 2021

17-18 March

Click for event info

The property development company also transferred 100% rights and interests in Prestige Amusements Private Ltd Company, which runs the maintenance and management business of the said retail assets.

Prestige Group, in a statement, said that it has a development pipeline of about 43 million square feet (sq ft) office and retail portfolio in the key locations across the cities. The company's debt has been reduced by Rs 4,594 crore through the transaction, said Prestige Group.

Image Source

Also read: Blackstone set to become biggest warehouse landlord

Also read: Prestige Group to invest Rs 20 bn on housing projects

Infrastructure Urban

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..