Blackstone group promotes Amit Jain to MD amid deepening cash crunch

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Published: December 16, 2019 10:47:29 AM

Blackstone has been active in dealmaking in India, which has some of its tycoons trying to sell assets to pare debt as a cash crunch deepens.

Mumbai and Delhi-NCR are the only exceptions where office rentals have not shown any movements. (Representational image)Blackstone has been active in dealmaking in India, which has some of its tycoons trying to sell assets to pare debt as a cash crunch deepens.

Blackstone Group Inc. has promoted Amit Jain as its senior managing director and one of its partners in India as the investment giant expands in Asia’s third-largest economy. A representative for Blackstone confirmed an earlier Bloomberg News report on Jain’s appointment, which will be effective from Jan. 1.

Jain, who joined the investment firm in 2010, is a managing director in its private equity group in Mumbai, according to its website. Prior to joining Blackstone, he worked at consultancy firm McKinsey & Co., focusing on infrastructure and financial projects in India.

Blackstone has been active in dealmaking in India, which has some of its tycoons trying to sell assets to pare debt as a cash crunch deepens. The firm was among those weighing a bid for the cement unit of Indian conglomerate Emami Ltd., Bloomberg News reported in October. It has signed a deal to buy a technology park from the beleaguered Coffee Day Enterprises Ltd, which was pending an approval from Yes Bank Ltd., people familiar with the matter have said.

Embassy Office Parks REIT, backed by Blackstone, had its debut in India in March as the country’s first such issuance. The investment giant is working with local developer K Raheja Group for an initial public offering for their joint commercial property portfolio. The duo picked more banks to arrange the listing, Bloomberg News previously reported.

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