CCI approves acquisition of certain assets of the Prestige Group by affiliates of Blackstone Group Inc.

Last updated: 12 December 2020

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The Competition Commission of India (CCI) has given the green light for affiliates of Blackstone Group Inc. to acquire certain assets belonging to the Prestige Group. Blackstone, primarily an investment holding entity with no current business operations, will be taking over Prestige Group's real estate development activities in India. These activities span residential, commercial, and hospitality projects across various Indian cities.

The Competition Commission of India (CCI) approves acquisition of certain assets of the Prestige Group by affiliates of Blackstone Group Inc.

The principal activity of the Acquirers viz affiliates of Blackstone Group Inc, is that of investment holding and related activities. However, at present, they do not have any business operations, in India or worldwide. The Acquirers are affiliates of funds advised or managed by the affiliates of The Blackstone Group Inc.

The Target Entities are engaged in the business of real estate development in India. They have a diversified portfolio of real estate development projects in key segments such as residential, commercial and hospitality across several cities in India.

Detailed order of the CCI will follow.

FAQ :

The Competition Commission of India (CCI) has approved the acquisition.

Affiliates of Blackstone Group Inc. are acquiring certain assets of the Prestige Group.

The principal activity of Blackstone's affiliates is investment holding and related activities. They currently have no business operations in India or worldwide.

The Prestige Group is engaged in the business of real estate development in India, with a diversified portfolio across residential, commercial, and hospitality segments.

Prestige Group has real estate development projects in key segments such as residential, commercial and hospitality across several cities in India.

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