The Competition Commission of India (CCI) has approved global private equity firm Blackstone’s plan to acquire stakes in real estate firm K. Raheja Corp’s (KRC) commercial office portfolio.
Blackstone has been the front-runner to buy 15% stake in the K. Raheja Corp’s commercial real estate business for $250-300 million. The Mumbai-based developer’s office portfolio is spread over 20 million square feet in markets like Mumbai, Pune and Hyderabad.
In a tweet, CCI said it has approved “acquisition of stakes in certain entities of KRC Group by Blackstone”.
Read more: Live Mint