Blackstone announces India investment

The private equity firm acquires control of leading garment manufacturer, Gokaldas Exports, in its fourth Indian deal.

Blackstone will spend up to $165 million to buy a majority interest in IndiaƆs largest garment exporter, Gokaldas Exports.

Blackstone will buy 50.1% of the 70% ownership interest of the Hinduja family for $116 million. The Hindujas founded Gokaldas Exports in 1979 and have managed it since. The Blackstone agreement with the Hindujas constitutes a change in control under Indian rules and triggers an open offer to minority shareholders. Blackstone hopes to secure another 20% of the company's shares by...

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