Blackstone buys majority stake in India's largest garment maker
Wednesday, 22 August 2007
BANGALORE, Aug 21 (AFP): US private equity giant Blackstone Group has bought a majority stake in India's largest garment manufacturer and exporter, Gokaldas Exports, according to a statement, at an estimated cost of 165 million dollars.
Blackstone will acquire a 50.1 per cent stake in the Bangalore-based company from its founders, Madanlal Hinduja, Rajendra Hinduja and Dinesh Hinduja, who will remain in control of Gokaldas, the statement by the two companies received here today said.
Blackstone will acquire a 50.1 per cent stake in the Bangalore-based company from its founders, Madanlal Hinduja, Rajendra Hinduja and Dinesh Hinduja, who will remain in control of Gokaldas, the statement by the two companies received here today said.