The Competition Commission of India has approved the acquisition of certain shareholding in Kolte-Patil Developers Limited by BREP Asia III India Holding Co VII Pte. Ltd.

The combination envisages acquisition of 40% shareholding in Kolte-Patil Developers Limited (Target) by BREP Asia III India Holding Co VII Pte. Ltd. (Acquirer) through a combination of share subscription and share purchase. The transaction also envisages acquisition of shares of the Target under open offer.

The Acquirer is an affiliate of funds advised and/or managed by affiliates of Blackstone Inc. Blackstone is a global alternative asset manager.

The Target is a listed company which is primarily engaged in the business of construction, development and sale of real estate.

Detailed order of the Commission will follow.

Competition clearance: approval for acquisition of significant stake in Kolte-Patil via subscription, purchase and open offer. Competition clearance granted for acquisition by BREP Asia III India Holding Co VII Pte. Ltd. of a significant shareholding in Kolte-Patil Developers Limited via a combination of share subscription and share purchase, together with an envisaged open offer. The acquirer is an affiliate of funds advised or managed by affiliates of Blackstone Inc. and the target is a listed real estate development company. A detailed order from the Commission will follow.