Blackstone gets CCI nod to acquire stakes in two Bagmane Group entities

The Competition Commission of India (CCI) on Tuesday said it has cleared Blackstone's arm BREP Asia III India Holding Co VIII's proposed acquisition of stakes in Bagmane Developers and Bagmane Rio.

US-based Blackstone is the world's largest alternative asset manager, with more than $1 trillion in assets under management (AUM).

"The proposed combination involves the acquisition of certain stake in the Bagmane Developers and Bagmane Rio (Target entities) by BREP Asia III India Holding Co VIII (Acquirer)," CCI said in a release.

Bagmane Developers and Bagmane Rio are engaged in the business of development, leasing and operation of commercial real estate, hospitality business as well as allied services such as generation of renewable power.

"Commission approves the acquisition of certain stake in Bagmane Developers Pvt Ltd and Bagmane Rio Pvt Limited by BREP Asia III India Holding Co VIII Pte Ltd," the regulator said.

In a separate release on Tuesday, CCI said it approved the proposed acquisition of thyssenkrupp Electrical Steel India by Jsquare Electrical Steel Nashik.

thyssenkrupp India is engaged in the business of manufacturing and sale of grain-oriented electrical steel (GOES), while Jsquare is a wholly owned subsidiary of JSW JFE Electrical Steel (J2ES).

J2ES, incorporated in 2023, is a 50-50 joint venture between JSW Steel and JFE Steel Corporation.

J2ES currently does not have any commercial operations. However, it is expected to commence manufacturing and sale of GOES in India from 2027 onwards, the regulator said.

The JSW Group is engaged in sectors, such as steel, energy, infrastructure, automotive, defense, realty, and cement, while JFE Group is engaged in business centred around the production of steel.

Meanwhile, CCI said in another release that it has approved the acquisition of equity stake in India Business Excellence Fund - IV by VVDN Technologies Pvt Ltd.

India Business Excellence Fund - IV (acquirer) is a Sebi-registered Category II alternative investment fund (AIF).

"The proposed combination relates to acquisition of shareholding by the acquirer in the target through a combination of secondary share purchases of equity shares and subscription to compulsorily convertible debentures," the regulator said.

VVDN Technologies is engaged in the business of providing electronic manufacturing services/original design manufacturing services.