Kolte-Patil Gets a Power Partner—Blackstone’s Billion-Rupee Bet!

India’s real estate sector is set for a shakeup as the Competition Commission of India (CCI) has approved the acquisition of a significant stake in Kolte-Patil Developers by BREP Asia III India Holding, an affiliate of global investment giant Blackstone. This landmark deal will see Blackstone acquiring up to 40% of the Pune-based realty firm for approximately ₹1,150 crore, with the potential to increase its holding to 66% through a public open offer.

 

Under the agreement, BREP Asia III India Holding will first secure a 14.3% stake via preferential allotment, investing ₹417 crore directly into Kolte-Patil Developers. In addition, Blackstone will purchase another 25.7% from existing promoters for ₹750 crore, boosting its total shareholding to 40%. As per regulatory requirements, Blackstone has also launched an open offer to acquire an additional 26% stake from public shareholders at ₹329 per share, aggregating to ₹758.57 crore.

 

If fully subscribed, Blackstone’s total commitment could reach ₹1,800 crore, giving it joint control of Kolte-Patil alongside the promoter group. The deal includes board nomination rights and veto powers for Blackstone on key corporate decisions, signaling a new era of strategic collaboration.

 

Kolte-Patil plans to leverage this capital infusion to scale up operations, expand its residential and commercial projects, and strengthen its market position. The transaction marks a major vote of confidence in India’s real estate growth story.

 

Sources: Economic Times Realty, Hindustan Times, Outlook Business