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Report: Blackstone in talks to invest 15B Indian rupees in Allcargo Logistics JV

A real estate unit of U.S. private equity giant Blackstone Group Inc. is in discussions to invest 15 billion Indian rupees in a joint venture with Allcargo Logistics Ltd., Bloomberg News reported, citing people with knowledge of the matter.

The Blackstone unit is looking to own 51% of the venture, which plans to build warehouses in India, sources said, adding that talks between the two parties are ongoing.

The Indian logistics company is also in talks with other investors, one of the people told Bloomberg. Its logistics division aims to build 5 million square feet of warehouses in India by 2021, the report noted, citing a company presentation in August.

Blackstone did not comment on the matter, while an Allcargo spokesman said the company does not comment on speculations, according to Bloomberg.

As of Sept. 11, US$1 was equivalent to about 71.70 Indian rupees.