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The company will divest a minority stake in the wholly owned arm.
The deal value looks stretched, compared to another transaction in a similar space a few years ago.
The PE firm is reinvesting in the public-listed company, having invested in 2006 & exiting with a multi-bagger in 2010.
Blackstone has been picking up shares in Monnet Ispat since last year and currently holds 7.1% stake.
Sab Kanaujia has proposed management buyout of Mela, consumer entertainment portal, alternatively to float his own firm.
Piramal Healthcare, which parked around $1.2b in Vodafone India, has now committed bulk of its proceeds from $3.7b sale of formulation biz to Abbott.
K Balakrishnan of Lazard India discusses how to build a profitable i-banking biz and why India still attracts investors.
A host of issues stopping India's high GDP growth to translate into high returns, says Baring PE India's Rahul Bhasin.