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Report: Blackstone, 2 other PE firms eye India's Emami Cement

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Report: Blackstone, 2 other PE firms eye India's Emami Cement

Blackstone Group Inc., KKR & Co. and TPG Capital Management LP may submit bids for Emami Ltd.'s Emami Cement Ltd. unit, Bloomberg News reported, citing people with knowledge of the matter.

KKR is in discussions to team up with Nirma Ltd., a detergents maker, on a potential offer, according to Bloomberg's sources, while TPG Capital may look for a local partner.

India-based Emami reportedly is hoping to garner a $1 billion valuation for the cement unit and has hired Arpwood Capital Ltd. and Credit Suisse Group AG to manage the sale.

Bloomberg said that representatives for all the firms involved declined to comment.