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Report: Blackstone set to buy 37.5% stake in India's Aakash Educational Services

Private equity giant Blackstone Group Inc. is set to acquire a 37.5% stake in India-based engineering and medical test-preparation company Aakash Educational Services Ltd. for 12 billion Indian rupees to 13 billion rupees from owner Chaudhry family, The Times of India reported, citing two sources familiar with the development.

The firm's special purpose vehicle, Singapore VII Topco, has applied to the Competition Commission of India for the approval of the deal, the report noted, citing filings shared by business intelligence platform PaperVC.

The transaction, which is in its final stages, valued the company at 35 billion rupees, one of the sources said.

Aakash did not respond to an email query sent by the publication, while a Blackstone spokesperson did not comment on the matter, according to the report.

As of Aug. 7, 2019, US$1 was equivalent to 71.10 rupees.