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Funds managed by Blackstone Group Inc. (BX) have invested 17.50 billion rupees ($243.2 million) in a fashion company in India.
The investment has been made in Ryka Commercial Ventures and unit Future Lifestyle Fashions Ltd. (536507.BY), Blackstone and Future Lifestyle said Friday.
Proceeds from the investment will be used toward retiring or pre-paying some of Ryka's debt, the statement said.
Under the transaction Blackstone will also acquire a 6% stake in Future Lifestyle.
The Indian company counts L Catterton and Apollo Global Management among its major stakeholders.
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(END) Dow Jones Newswires
November 15, 2019 01:00 ET (06:00 GMT)
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