CCI approves Prestige Group-Blackstone deal

Competition Commission of India approves Prestige Group-Blackstone deal

Blackstone has so far invested $10 billion in the Indian real estate

The market value of these real estate assets is $50 billion. Credit: Reuters Photo

Competition Commission of India (CCI) on Tuesday said it has approved the acquisition of certain assets of Prestige Group by affiliates of Blackstone Group Inc.

In November, Bengaluru-based Prestige had signed term sheets for selling a large portfolio of its retail and hotel properties for an enterprise value of about Rs 9,160 crore to Blackstone Group.

The Commission said it has cleared "acquisition of certain assets of Prestige Group of companies by affiliates of Blackstone Group".

The target entities are engaged in the business of real estate development in India and have a diversified portfolio of real estate development projects in key segments such as residential, commercial and hospitality across several cities in India, CCI said in a release.

Blackstone has so far invested USD 10 billion in the Indian real estate. The market value of these real estate assets is USD 50 billion, sources said.

Separately, the CCI has given its nod for the acquisition of shares of Odisha Power Generation Corporation Ltd (OPGC) by Odisha Hydro Power Corporation Limited (OHPC).

The proposed combination involves the acquisition of 49 per cent equity shares in OPGC from AES OPGC Holding and AES India, pursuant to the share sale and purchase agreement, as per another release.

OHPC is wholly-owned and controlled by the Odisha government. OPGC is a state-owned joint venture enterprise with the Odisha government holding 51 per cent stake.