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Report: Blackstone's planned takeover of Indian residential fund scuttled

Private-equity giant Blackstone Group LP's deal to acquire Urban Infrastructure Opportunities Fund for roughly 8.00 billion Indian rupees broke down, Mint (New Delhi) reported, citing three people with knowledge of the matter.

One of the people told the news outlet that although the negotiations were in advanced stages, the deal did not materialize because of a mismatch in expected valuations between the parties. Anarock Property Consultants reportedly would have been tapped to manage the residential portfolio had the deal closed.

The fund, which has 24.00 billion rupees in capital, owns a sizable portfolio of residential assets in India. It is one of two funds managed by Anand Jain-led Jai Corp. Ltd. subsidiary Urban Infrastructure Venture Capital Ltd.

Blackstone declined to comment on the matter, while a spokesperson from Urban Infrastructure Opportunities Fund did not respond to email queries, according to the March 14 report.

As of March 13, US$1 was equivalent to about 64.76 Indian rupees.