Blackstone acquires stake in Forum group's retail space for Rs 2.50 bn

Forum Group, with an investment or about Rs 14 billion, is in talks with Blackstone for investments in retail project

Global private equity firm Blackstone Group has acquired a majority stake in one of the retail ventures promoted by the Forum Group.

The private equity (PE) firm has invested around Rs 2.5 billion, which translates into about 75 per cent stake in retail space in Esplanade Mall by Forum Group in Bhubaneswar, according to sources close to the development.

Forum Group, which is currently developing around three million square feet of retail space across east India, with an investment or about Rs 14 billion, is in talks with Blackstone for investments in other retail projects as well. Forum Group is expecting to