In October, Prestige Estates had signed a non-binding letter of intent with Blackstone Group entities for the sale of certain direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance business.

                              


The Competition Commission of India (CCI) on Tuesday approved the acquisition of certain assets of Prestige Group by affiliates of US-based investment firm Blackstone Group Inc. Last month, realty firm Prestige Estates Projects had agreed to sell its large portfolio of office, retail and hotel properties to Blackstone Group for an enterprise value of about Rs 9,160 crore.

"The principal activity of the acquirers (affiliates of Blackstone Group Inc), is that of investment holding and related activities. However, at present, they do not have any business operations, in India or worldwide. The acquirers are affiliates of funds advised or managed by the affiliates of the Blackstone Group Inc," CCI said in its order.

In October, Bengaluru-based Prestige Estates had signed a non-binding letter of intent with Blackstone Group entities for the sale of certain direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance business.

In the regulatory filing, Prestige Group has given the list of assets to be sold under this deal. This includes the sale of up to 100 percent stake in six entities holding completed office assets and 85-87 percent stake in nine entities owning nine malls. Up to 50 percent of the rights and interest in four entities owning under-construction office assets will also be sold.  

Prestige will also sell up to 85 percent stake in its hotel Oakwood Residences and up to 100 percent in hotel Aloft.

In a separate development, the CCI has also approved the acquisition of shares of Odisha Power Generation Corporation Ltd (OPGC) by Odisha Hydro Power Corporation Limited (OHPC). The proposed deal involves the acquisition of 49 percent equity shares in OPGC by OHPC from AES OPGC Holding and AES India, pursuant to the share sale and purchase agreement.