Blackstone Seeks to Buy India Business Park for $176 Mln-Sources

The Blackstone Group is in advanced talks to buy a business park in India’s financial capital Mumbai for about 10 billion rupees ($176 million), Reuters reported.

(Reuters) – The Blackstone Group is in advanced talks to buy a business park in India’s financial capital Mumbai for about 10 billion rupees ($176 million), two sources with direct knowledge of the situation said on Tuesday.

Indian property fund IL&FS Milestone owns a 74 percent stake in the 247 Business Park, in Vikhroli in central Mumbai, while Hindustan Construction Company Ltd (HCC) controls the other 26 percent.

In 2010, HCC sold a 74 percent holding to IL&FS Milestone for 5.75 billion rupees. U.S. private equity firm Blackstone has been aggressively buying commercial assets in India over the past couple of years.

In February, Blackstone, along with two other companies, agreed to buy a business park in south India for 19.5 billion rupees ($343.31 million), two sources told Reuters.

Blackstone did not immediately respond to requests for comment. A spokeswoman for IL&FS Milestone declined comment.