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Blackstone to acquire garment manufacturer in India22/08/2007. Source: AltAssets. 
 The Blackstone Group has agreed to acquire a 50.1 per cent stake in Gokaldas Exports, an India-based garment manufacturer and exporter.
In line with SEBI regulations, this transaction triggers an open offer by Blackstone to the public shareholders of Gokaldas for an additional 20 per cent of the company's outstanding shares.
Subject to regulatory approvals, Blackstone would invest approximately $165m, including the open offer, and have representation on the board of directors.
Akhil Gupta, chairman and managing director, Blackstone Advisors India, said, 'Gokaldas is the leading company in India in an industry that has seen significant growth in the Asian region post the elimination of the garment quota regime in 2005. This favourable industry dynamic combined with our highest regard for the management team of Gokaldas Exports were key factors in our decision to enter into this partnership.'
Blackstone's alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds.
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