Blackstone jettisons India asset management interests

The deal, which is still subject to shareholder approval, is part of the private equity firm's wider strategy to offload its interests in the Asia asset management space. It will see Punita Kumar-Sinha, who has managed the $1.22 billion India Fund Inc. since 1997 when it was under Oppenheimer, leave Blackstone as well as the fund, The Business Standard reported.

As part of the transaction, Aberdeen will also assume control of the $60 million Asia Tigers Fund.

Blackstone currently has $1.7 billion in private equity investments in India and $800 million in real estate assets. As part of the strategic adjustment, it is expected to focus on these areas.

In July, the private equity firm closed its third power sector deal in 15 months, after reportedly agreeing to pay INR5 billion ($111 million) for a 25.2% stake in Visa Power, the power generation arm of Kolkata-based conglomerate Visa Group. Its previous investments in the sector were Monnet Power and Moser Baer Projects Private.

Blackstone is also tipped to bid for a 95% stake in Reliance Communications' tower unit Reliance Infratel, which could sell for around $4 billion.

The private equity firm has one high-profile exit to its name in India this year, selling its majority holding in Intelenet Global Services to Serco, a British support-services firm, for up to $630 million.

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• Topics
• South Asia
• Financials
• India
• Asset management
• The Blackstone Group
• Trade sale