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Blackstone to invest in Indian media company UEL30/01/2007. Source: AltAssets. 
 The Blackstone Group has agreed to acquire a stake in India-based media company Ushodaya Enterprises Limited. As part of this transaction, UEL expects to raise $465m comprised of a $275m investment by Blackstone and $190m of bank financing. No further details regarding the stake acquired by Blackstone were disclosed.
Akhil Gupta, chairman and managing director of Blackstone Advisors India Private Limited, said, 'We believe that the Indian media sector will be a key beneficiary of a secular trend in growth in personal consumption that is driving India's economic expansion which in turn will spur advertising growth. Importantly, we believe that UEL is an ideal platform for Blackstone to play this highly attractive sector in India.
'Over the last three decades, Mr Rao has created a unique media company with a dominant newspaper franchise built on editorial integrity and a TV franchise built through deep cultural understanding of the markets and truly regional content. We have been very impressed by UEL's management team and feel privileged that Mr Rao has chosen Blackstone to be UEL's partner as the company enters this very important next phase of its growth,' Gupta continued.
Blackstone has raised approximately $75bn for alternative asset investing since its formation of which over $30bn has been for private equity investing. The Group's other core businesses include private real estate investing, corporate debt investing, hedge funds, mutual fund management, private placement, marketable alternative asset management, and investment banking advisory services.
Copyright © 2007 AltAssets
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