Blackstone to Acquire 40% Stake and Major Control of Kolte-Patil After CCI Clearance

The Competition Commission of India (CCI) has approved a proposal by global investment firm Blackstone to acquire a majority stake in Pune-based real estate developer Kolte-Patil Developers Ltd. The transaction marks Blackstone’s entry into India’s residential real estate segment, expanding its footprint beyond commercial office spaces, retail, warehousing, and data centres.

In a release dated June 10, the CCI confirmed that it had cleared the proposed acquisition by BREP Asia III India Holding Co VII Pte Ltd, an affiliate of Blackstone. The proposed transaction involves the acquisition of approximately 40 per cent shareholding in Kolte-Patil Developers through a combination of share subscription and share purchase. As part of the transaction structure, Blackstone will also make an open offer to acquire an additional stake from public shareholders.

Kolte-Patil Developers Ltd is a publicly listed real estate company engaged in the business of construction, development, and sale of residential and commercial real estate, primarily in Pune and select other Indian markets. The company has completed several mid- to large-scale projects over the past two decades and holds a notable presence in the Maharashtra real estate landscape.

According to earlier disclosures made in March 2025, Blackstone had announced that it would invest ₹1,150 crore to acquire a 40 per cent stake in Kolte-Patil Developers. The investment will be made in two phases. In the first phase, Blackstone will subscribe to a preferential allotment of equity shares, amounting to a 14.3 per cent stake in the company, for a consideration of ₹417 crore. In the second phase, Blackstone will acquire a 25.7 per cent stake from the promoter group for ₹750 crore. Following this, the investment firm has launched an open offer to acquire up to 26 per cent additional stake from public shareholders, amounting to ₹758.56 crore.

If the open offer is fully subscribed, Blackstone’s total investment in Kolte-Patil Developers could exceed ₹1,900 crore. The proposed acquisition will result in joint control of the company by Blackstone and the existing promoters. This move aligns with Blackstone’s broader strategy of scaling its presence in the Indian real estate market, where it currently has an exposure of approximately $50 billion. With this transaction, the firm signals its intent to double its exposure in India to around $100 billion in the coming years.

The CCI, in its official communication, also cleared another set of transactions in the solar energy sector. It approved the acquisition of issued and paid-up equity shares of Goldi Solar Pvt Ltd by Havells India Ltd. Additionally, the regulator cleared the acquisition of 100 per cent partnership interest in Vama Inverters LLP and Goldi Energy LLP by Goldi Sun Pvt Ltd. These companies are involved in manufacturing and selling solar modules, solar inverters, and providing engineering and procurement services for the solar energy sector in India.

The approval from CCI is a necessary regulatory step for large-scale mergers and acquisitions in India. The Commission’s role is to ensure that such combinations do not adversely impact market competition or lead to monopolistic practices. Transactions that exceed specified asset or turnover thresholds must seek prior approval under the Competition Act, 2002.

With this clearance, Blackstone can proceed to complete its phased acquisition in Kolte-Patil Developers, subject to other regulatory formalities and conditions specified in the transaction agreements. Market analysts view this as a significant development in the Indian real estate investment landscape, particularly for the residential segment, which has seen increased