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Report: Blackstone, Brookfield among final bidders for India commercial property

Private equity giant Blackstone Group Inc., Mapletree Investments Pte Ltd., Brookfield Asset Management Inc., Apollo Global Management and a domestic fund managed by InterGlobe Enterprises' real estate unit are the final bidders for Reliance Anil Dhirubhai Ambani Group's headquarters in Mumbai, India, The Economic Times of India reported, citing two persons with knowledge of the development.

The Indian conglomerate mostly received initial bids between 15.00 billion Indian rupees and 17.00 billion rupees for the stand-alone commercial property, sitting on 4 acres in Mumbai's Santacruz suburb. The conglomerate is expected to finalize the buyer over the next two to three weeks, said one of the sources.

The publication could not obtain a comment on the matter from Reliance, Apollo, Inter-Globe Real Estate, Blackstone, Mapletree or Brookfield.

As of Aug. 22, US$1 was equivalent to 71.93 Indian rupees.