blackstone-announces-india-investment

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 IndiaÆs 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 offering minority shareholders the chance to exit at the same price as the Hindujas. The open offer outlay, assuming Blackstone is successful in mopping up the complete 20%, will be an additional $49 million.

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