The Blackstone Group is in advanced talks to buy a business park in financial capital Mumbai for about Rs 1,000 crore, two sources with direct knowledge of the situation said on Tuesday.
Property fund IL&FS Milestone owns a 74 per cent stake in the 247 Business Park, in Vikhroli in central Mumbai, while Hindustan Construction Company Ltd (HCC) controls the other 26 per cent.
In 2010, HCC sold a 74 per cent holding to IL&FS Milestone for Rs 575 crore. US private equity firm Blackstone has been aggressively buying commercial assets in India over the past couple of years.
In February, Blackstone, along with two other companies, agreed to buy a business park in south India for Rs 1,950 crore, two sources told Reuters.
Blackstone did not immediately respond to requests for comment. A spokeswoman for IL&FS Milestone declined comment.
Copyright @ Thomson Reuters 2013
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