Blackstone eyes 3 malls; Premji may merge family office with philanthropic unit
Photo Credit: Mukul Mudgal

Blackstone Group LP, the world's largest manager of alternative assets, is in talks to acquire three malls, The Economic Times reported, citing two people aware of the development.

These three malls are spread over two million square feet, the report added.

In late 2015, Blackstone had made its first mall acquisition when it bought retail assets in Amritsar and Ahmedabad under the AlphaOne brand. Since then, it has also acquired Westend Mall in Pune and a mall developed by L&T Realty.

Blackstone currently manages eight malls, the report said.

In another development, Wipro chairman Azim Premji is merging his family investment office PremjiInvest with philanthropic unit Azim Premji Trust, Mint reported, citing people aware of the development.

Citing sources, the report said that Premji wants to ensure more funding for philanthropy through this merger.

The corpus of funds under the family’s endowment trusts is around $12 billion (Rs 78,000 crore), which includes $3 billion worth of assets under PremjiInvest’s management, according to the report.

As on 31 December 2017, Azim Premji Trust and Azim Premji Philanthropic Initiatives Pvt. Ltd held 14% stake together in Wipro, stock-exchange data show.

Separately, home-grown spirits maker Allied Blenders and Distillers Pvt. Ltd is looking to make an initial public offering (IPO) in 2018, which is seen as valuing the company at $1.8 billion, Mint reported.

The Rs 1,000 crore IPO will include 10% stake sale. The proceeds will be used to pare debt and set up a malt spirit plant at Allied’s distillery in Telangana, the report added.

In another development, Nikhil Mehra, chief executive at Genesis Colors, which owns fashion label Satya Paul, has resigned from his position, The Economic Times reported.

Mehra was promoted to chief executive in May 2016. He was earlier chief operation officer for nine years.

Founded in 1998, Genesis Colors is the holding company of well-known Indian fashion brands Satya Paul and Bwitch. It also holds marketing and distribution rights in India for several international luxury labels, according to its website.

Genesis Colors is backed by investors Sequoia Capital, Mayfield and Henderson Private Equity.

Leave Your Comment(s)