Private equity major Blackstone has entered into an agreement to acquire two wholly-owned subsidiaries of Indian listed developer TARC Ltd for a consideration of about $40 million (Rs 295 crore).
Under the agreement, BREP Asia II EIP Holding Pte. Ltd, a Blackstone affiliate, will acquire Goodluck Buildtech Private Limited and Anant Raj Hotels Limited (ARHL).
Blackstone will pay the amount in tranches, subject to the satisfaction of certain conditions and closing actions, including the transfer of approximately 36 acres of land parcels held by TARC in villages of Delhi to Goodluck and ARHL.
The transaction comes as the company looks to build strong relationships with global investors, TARC said in a stock exchange filing.
TARC was originally incorporated as Anant Raj Global Limited. Its board of directors approved the change in its name in April this year. The company has expanded its presence in New Delhi through key developments across different verticals such as residential, offices, hospitality and retail.
Blackstone is one of the largest private market investors in India, managing around $50 billion worth of assets. The firm has raised $5.24 billion so far for its second Asia private equity fund and is in the process of raising a third real estate fund for the region.
In the first four months of 2021 alone, Blackstone had reportedly invested $5.5 billion in India, including a $2.8 billion commitment to software firm Mphasis.