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Our Bureau

Mumbai , May 16

THE New York-based investment and advisory group, The Blackstone Group, has announced an allocation of $1 billion for investments in India. The company has appointed Mr Akhil Gupta as the Senior Managing Director in charge of its Indian operations.

The company will also be raising a dedicated fund for long-term continued investment in India, according to a press release. "We believe that India has enormous potential and that foreign direct investment (FDI) can play a significant role in supporting the country's economic growth," Mr Stephen A. Schwarzman, Chairman and CEO of The Blackstone Group, was quoted in the release.

Globally, the fund's target investment in the private equity space is between $100 million and $400 million. The group has raised a total of approximately $32 billion for investment in alternative assets since its formation. Its core businesses include private equity investing, private real estate investing, corporate debt investing and corporate advisory services.Mr Gupta, who in his earlier role was the CEO for Corporate Development at Reliance Industries and Reliance Infocomm, will manage private equity transactions in India and provide support for Blackstone's other businesses, including real estate. "I can think of nothing more exciting than leading Blackstone's entry into India. India is at an inflection point in its history from where it is poised to emerge as a major and dynamic economic power.

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