Mumbai, Global private equity major <keyword id="48032" type="General" weightage="20" keywordseo="blackstone" source="Orion">Blackstone</keyword> Group is confident of investing USD 2 billion annually in India, a top official said on Wednesday. Its chief operating officer <keyword id="21182724" type="General" weightage="20" keywordseo="jonathan-d-gray" source="keywords">Jonathan D Gray</keyword> pitched for a slew of measures to improve the ease of doing business for firms like it in India, including quicker approvals on mergers and acquisitions, easier privatisation of listed companies, and improvements in dispute resolution in commercial matters. The New York-based group, which has been operational in India for nearly two decades, said Indian PE investments have delivered the highest return for it worldwide, and the investment in realty, which made it the largest landlord in the country, has also delivered well. "We plan to invest around USD 2 billion every year in India," its senior managing director <keyword id="21010663" type="General" weightage="20" keywordseo="amit-dixit" source="keywords">Amit Dixit</keyword> told reporters here. The firm has invested a total of USD 50 billion in the country till now, and the value of its assets, after accounting for the exits, stands at USD 30 billion. It has an investment team of 75 people based in Mumbai who scout for assets across sectors. Dixit said over the next five years, the value of assets is seen rising by USD 25 billion, including USD 17 billion in fresh bets and up to USD 7.5 billion value creation across portfolio companies, where it has already invested but is yet to exit. Gray suggested some reforms while appreciating the work already done by the government, including the Insolvency and Bankruptcy Code and the <keyword id="19922145" type="General" weightage="20" keywordseo="goods-and-services-tax" source="keywords">Goods and Services Tax</keyword>. A merger and acquisition deal takes up to two years to go through in India, while the same in its home market of the US gets done in weeks, he told reporters here. In the case of privatising a listed entity, Indian regulations require the nod of over 90 per cent of all shareholders making a deal "mathematically impossible", he said, adding that it is because of challenges on this front that India has 7,000 listed entities, which is double that of the US, but their market capitalisation is just a tenth of the US. "One thing that can help unlock the market here is the ability to take companies private to help improve them, then bring them back to the market with more scale. It's just one of the reforms," he said. There is also more work to be done on dispute resolution in matters of commercial disputes, he said, adding that all these aspects will help attract more capital into the country. He also said that some reforms like allowing public funds to invest in real estate investment trusts -- the group was a sponsor to three of the four listed REITs -- can also be helpful. The economic momentum is building in India and not slowing, Gray said, adding that this is attracting a lot of global investors into the country. Blackstone's favourites for the future will include the infrastructure sector, where it has not been as active in India as it has been in Europe and the US, Gray said, adding that there is also a possibility of it starting a credit fund like many of its peers have done. Apart from that, it is keen to invest in real estate, logistics, data centres, hospitality, value-added exporters, energy transition and themes playing on the growing middle class in the country, including sectors like healthcare, financial services and travel, Gray said.

Blackstone to invest $2 bn every year in India; wants quicker M&A clearances

<ul><li>The Women and Child Development (WCD) and Education Ministries are working in a coordinated way to meet the Prime Minister's vision of providing nutritious meals to the students in government schools. </li><li>The Prime Minister had in 2018 launched 'Poshan Abhiyaan'-- a robust scheme which has been playing an important role in eliminating malnutrition from the country. </li><li>On this 'Poshan Maah 2020', Modi's government planned to focus on an intensive campaign across the country for the holistic nourishment of children with severe acute malnutrition, Union Home Minister <keyword id="6355521" type="PERSON" weightage="20" keywordseo="amit-shah">Amit Shah</keyword> said in a statement. </li></ul>Milk will soon be an integral part of the <keyword id="6467547" type="UNKNOWN" weightage="20" keywordseo="Midday-Meal">midday meal</keyword> scheme to ensure proper nutrition to all students in government schools across the country, which is in tune with Prime Minister Narendra Modi's aim to make a malnutrition-free India. The Women and Child Development (WCD) and Education Ministries are working in a coordinated way to meet the Prime Minister's vision of providing nutritious meals to the students in government schools. All the officials linked to the departments concerned dealing with the policies have been directed by both the ministries on the 3rd 'Rashtriya Poshan Maah' to expedite changes in <keyword id="115962" type="COMPANY" weightage="20" keywordseo="midday">midday</keyword> meal by including milk soon after the schools resume functioning with attendance by children. The Prime Minister had in 2018 launched 'Poshan Abhiyaan'-- a robust scheme which has been playing an important role in eliminating malnutrition from the country. On this 'Poshan Maah 2020', Modi's government planned to focus on an intensive campaign across the country for the holistic nourishment of children with severe acute malnutrition, Union Home Minister Amit Shah said in a statement. In this regard, an official, requesting anonymity, told IANS that the Education Ministry may come up with a revised menu for midday meals scheme, that will include milk as an integral component. All the state government's have been told to implement the new midday meal policy which includes milk. Earlier, the then HRD Ministry had revised its midday meal policy in 2016. In order to give better quality food to children in schools where midday meals are provided, the HRD has revised its norms, that include milk as a necessary supplement. WCD Minister <keyword id="6612" type="PERSON" weightage="20" keywordseo="Smriti-Irani">Smriti Irani</keyword> on Monday assured Vice-President <keyword id="8563926" type="PERSON" weightage="20" keywordseo="m-venkaiah">M Venkaiah</keyword> Naidu that the central government would consider recommending to all the states to "include milk in the midday meal scheme". Irani's assurance came after Naidu earlier in the day suggested to her to add milk in breakfast or midday meals of children to improve nutritional level. The Vice President spoke with Irani on the 3rd Rashtriya Poshan Maah aimed at contributing towards a malnutrition-free India. An official in the Education Ministry told IANS that all students from Classes 1 to 8 in all government schools will be given 200 ml milk every day along with the midday meals. As per the official, this policy as is similar to the one issued in 2016 and then HRD Ministry direction to states in 2018 in which many loopholes were reported in its implementation. The states were earlier also directed to include milk and milk products in the midday meals so that these items could be procured from cooperative milk unions or federations. The Animal Husbandry, Dairying and Fisheries Department also took up the issue with the state Chief Secretaries on December 15, 2017, requesting them to consider supplying milk and milk products through their network under midday meals scheme of the Centre. Karnataka, <keyword id="6355554" type="LOCATION" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword>, Haryana, Puducherry, and Gujarat have confirmed supply of milk through schools but some states with higher surplus stocks of milk powder like Rajasthan, Maharashtra, Tamil Nadu, and Punjab are yet to decide in this regard. Almost two decades have passed since the midday meal became a part of the daily routine in government schools across the country. The central government had received complaints earlier on about inclusion of milk in midday meals. As per government norms, every child should receive 150-200 ml milk. However, there have been complaints that one litre of milk was mixed in a bucketful of water to serve to more than 80 children in a school in rural Uttar Pradesh. Some videos have also gone viral on the social media regarding the said incident. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/us-magazine-fortune-released-its-annual-40-under-40-list-of-most-influential-people-under-the-age-of-40/slidelist/77906566.cms">Isha and Akash Ambani, Adar Poonawalla, Byju Raveendran — meet the Indians who made it to Fortune's ‘40 under 40’ list this year</a> <a href="https://www.businessinsider.in/business/startups/news/interview-madhuri-dixit-and-dr-shriram-nene-are-looking-to-raise-funds-for-their-online-dance-school-and-a-new-healthtech-venture/articleshow/77930270.cms">This Indian scientist-turned drugmaker doubled his wealth to $6 billion during coronavirus pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/interview-madhuri-dixit-and-dr-shriram-nene-are-looking-to-raise-funds-for-their-online-dance-school-and-a-new-healthtech-venture/articleshow/77930270.cms">Madhuri Dixit and Dr Shriram Nene are looking to raise funds for their online dance school and a new healthtech venture</a>

Milk to be 'integral' part of midday meal scheme soon

<img class="gwt-Image" src="/photo/51257018.cms" /> A lanky young musician made an unusual request to <keyword id="117099" type="PERSON" weightage="100" keywordseo="Raghu-Dixit">Raghu Dixit</keyword>. He wanted the frontman of <keyword id="1108832" type="ENTERTAINMENT" weightage="100" keywordseo="The-Raghu-Dixit-Project">The Raghu Dixit Project</keyword> to listen to his demo. 
 
The maestro obliged, but with a catch. 
 
He wouldn't accept it for free and instead pay for the CD. The fan initially refused, but finally accepted a Rs. 500 note grudgingly. 
 
Dixit tells him, “If you yourself don’t think your music is worth charging, no one will pay for it either”. 
 
That’s him in a nutshell. Cutting the crap, and straight from the heart. 
 
We took our chances, and asked for a chat over coffe. He agreed, and even bought us coffee. 
 
What has been keeping Raghu Dixit busy these days? 
 
Lots of stuff man! Travelling, performing and three movies. 
 
You’ve been working hard to revive folk music. How’s that going? 
 
There is no question of reviving it. Folk or ethnic music wasn't dead in the first place. And, more importantly, who am I to revive it! We’re just presenting it in a different way. It’s like watching a baby being dressed differently every day. 
 
How has the response been so far? 
 
Well, I’m earning my bread and butter. So I guess it’s going well. We can’t complain. 
 
Is it increasingly difficult for musicians to monetize their music now? 
 
Not at all. It’s very easy to make money provided you’re making good music. If you’re a musician who’s not making money, it could mostly mean that you’re not making good music. 
 
If you do anything right, you’re bound to make money. 
 
How do you ensure you do everything right? 
 
People will tell you if it’s good music or bad. 
 
If they’re standing and seeing you perform at a music festival instead of drinking alcohol that’s in their hand, it means they’re interested, and your music is good. The next time they’ll bring 10 more people with them to watch you perform. 
 
How are music festivals helping young musicians? 
 
Without a doubt music festivals are a great help for young musicians, but they also play a role in letting the audience find new music. For example, people who would have come to a festival thinking, “I’m going to listen to Nucleya”, would have also discovered an artist called Raghu Dixit playing, and vice-versa. That’s why festivals are so great. They introduce the people to new talent and encourage the musician to grow, and learn something new. 
 
A few upcoming musicians and bands you think have immense potential. 
 
To name a few, I’m very excited about Shadow and Light. They have brilliant music. Then there’s Dhruv Vishvanath who’s equally good and Parvaaz. 
 
What are the most played tracks on your playlist right now? 
 
I’m listening to Graceland by Paul Simon. I’m also listening to a lady called Loreena McKennitt, who’s an Irish folk musician, but with lot of Middle-European and eastern touches. Her album’s called ‘The Mask and the Mirror’. 
 
How do you think social media helps new musicians? 
 
Social media only helps in spreading the word. It’s your music that eventually matters. 
 
What’s holding the Indian music industry back from organizing more music festivals? 
 
Right now, there’s a huge gap between supply and demand of artists. The festivals are forced to repeat acts across festivals, mainly because they sell tickets. At the end of the day every festival wants to make money. They can’t always be a charity that’s promoting new talent. It could only be a part like ‘the Other Stage’ at NH 7. 
 
At the end <a href="http://www.businessinsider.in/searchresult.cms?query=NH7">NH 7</a> has to sell. That’s why you see <a href="http://www.businessinsider.in/the-doctors-of-bollywood/a-r-rahman/slideshow/49258869.cms">A.R Rahman</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=amit+trivedi">Amit Trivedi </a>performing there – which we could never have imagined few years back. 
 
This dearth of more musicians who can sell tickets needs to be cut short. There’s always red tape. You have to take 26 different permissions for a music festival, and the corruption with each of these signatures is enough to starve out an event company to put up a show like that. The fact that the Delhi and Maharashtra government didn’t do that in last year’s NH 7 is a great sign. 
 
Three tips for young musicians 
 
#1 Work your ass off to make your music beautiful. That should be your ultimate priority. 
 
#2 Don’t self judge, or pat yourself on the back. Wait for other people to tell you your music is beautiful and it changed their perspective. That’s when you know you’re going the right way. 
 
#3 Ensure that you keep some money for marketing and PR. Branding yourself or your band is as important as churning out good <a href="http://www.businessinsider.in/This-incredibly-intricate-machine-uses-nothing-but-marbles-to-make-music/articleshow/51228519.cms">music</a>.

Exclusive: In conversation with the No-Nonsense Musician – Raghu Dixit

<keyword id="22602686" type="General" weightage="20" keywordseo="Haldirams" source="keywords">Haldiram’s</keyword> is India’s one of the most-loved companies when it comes to snacks, as well as sweets. The brand’s name is synonymous with reliability and has a sense of nostalgia. It ranks 158th among India’s most trusted brands, as per Trust Research Advisory. But, a few years ago, the <keyword id="19967159" type="General" weightage="20" keywordseo="us-food-and-drug-administration" source="keywords">US Food and Drug Administration</keyword> (FDA) banned the import of Haldiram's snacks due to alleged <keyword id="21963951" type="General" weightage="20" keywordseo="food-safety-violations" source="keywords">food safety violations</keyword>. Now, as per media reports, an American brand is preparing to take a majority stake of 51% in this legacy food and beverage brand from India. Earlier this month, Moneycontrol reported that NYC-based investment management company <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword> might acquire a <keyword id="20643311" type="General" weightage="20" keywordseo="controlling-stake" source="keywords">controlling stake</keyword> in the company. <h2>Rebuilding the legacy of Haldiram's</h2>In May, an Economic Times report claimed that 76% of the company could be acquired by Blackstone. However, latest reports say that Blackstone has revised the offer and might get only a 51% stake in the snacks company. A recent report in Moneycontrol says that Blackstone is expected to bid a whopping Rs 40,000 crore for 51% stake in the company. This strategic investment also marks Blackstone's ambitious entry into the burgeoning <keyword id="22602688" type="General" weightage="20" keywordseo="Indian-snack-market" source="keywords">Indian snack market</keyword>. If the deal goes through, Haldiram's could be valued at around Rs 70,000 to Rs 78,000 crore. Earlier this year, Blackstone had expressed its intention to invest over $2 billion annually in India, owing to the increasing ‘ease of doing business’ in the country. “Blackstone only buys what we can build; we’re always looking for opportunities to make companies better. Even before we make an investment, we have a plan for how to build the business, so that what we buy is not what we sell,” Blackstone’s Head of Asia for Private Equity Amit Dixit had said in 2022. <h2>Key details of potential acquisition</h2>The Moneycontrol report also adds that the deal has been in the works for several months, with numerous hurdles along the way. Key issues, such as the ownership of Haldiram's restaurants and the brand licence, have now been resolved, paving the way for the finalisation of the transaction. Sources told Moneycontrol that these contentious points had previously stretched negotiations, but with their resolution, the deal is expected to close imminently, barring any unforeseen regulatory hurdles. Blackstone's investment might grant the firm controlling power and a perpetual licence for Haldiram's product business, a significant advantage as it steps into India's lucrative food sector. The Haldiram family, however, is likely to retain rights to the restaurant operations and will receive an annual royalty for the use of the brand. This arrangement ensures that the family's legacy and operational control over their restaurant ventures remain intact, while Blackstone focuses on expanding the product business. This acquisition is more than just a financial transaction; it represents a strategic manoeuvre by Blackstone to capitalise on the growing demand for packaged snacks in India. The Indian snack market has been experiencing rapid growth, driven by changing consumer lifestyles and increasing disposable incomes. By acquiring a controlling stake in Haldiram's, Blackstone is set to leverage the brand's strong market presence and expand its footprint in the fast-growing sector. According to data by market research company IMARC Group, the Indian snacks market stood at Rs 42,694.9 crore in 2023, and is expected to reach Rs 95,521.8 crore by 2032, with a staggering CAGR of 9.08%. As Blackstone prepares to close this deal, all eyes will be on how the partnership will unfold and the impact it will have on Haldiram's future.

Daal me kuch kaala! Is Blackstone acquiring majority stake in Haldiram’s for Rs 40,000 crore?

New Delhi, <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Aadhar Housing Finance" meta.hostid="282" meta.entityid="Aadhar Housing Finance">Aadhar Housing Finance</keyword> Ltd, which is backed by private equity major Blackstone, on Thursday said it has fixed a price band of Rs 300 to Rs 315 a share for its Rs 3,000-crore <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>. The initial share sale will be open for public subscription during May 8-10 and the bidding for anchor investors will open for a day on May 7, the company said in a statement. This will be the third maiden public issue opening next week after TBO Tek and Indegene. Aadhar Housing Finance's initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) is a combination of a fresh issue of <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> worth Rs 1,000 crore and an offer for sale (OFS) of Rs 2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group Inc. Currently, BCP Topco holds a 98.72 per cent stake in Aadhar Housing Finance and <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="282" meta.entityid="ICICI Bank">ICICI Bank</keyword> owns a 1.18 per cent stake. The company plans to utilise Rs 750 crore of the fresh issue proceeds to meet future capital requirements towards onward lending and a portion will also be used for general corporate purposes. "The listing is a significant milestone for Aadhar Housing Finance and its transformation is a great example of what we do best: building businesses that build India. We brought our scale, network, and best global practices to grow the business, and empowered the company in digitising its processes, end-to-end from origination to collection," Amit Dixit, Head of Private Equity Asia at Blackstone, said. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Earlier this month, Aadhar Housing Finance received Sebi's go-ahead to float the IPO. Aadhar Housing Finance offers a range of mortgage-related loan products, including loans for residential property purchase and construction; home improvement and extension loans; and loans for commercial property construction and acquisition. The company is an HFC focused on the low-income housing segment, serving economically weaker and low-to-middle-income customers, who require small-ticket mortgage loans. It has a network of 471 branches, including 91 sales offices, as of September 30, 2023. The company benefits from the resources, relationships and expertise of Blackstone, one of the world's leading investment firms. ICICI Securities, Citigroup Global Markets India Pvt Ltd, Kotak Mahindra Capital Company Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd and SBI Capital Markets are the book-running lead managers to the issue. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Aadhar Housing Finance sets IPO price band at ₹300-315 per share

Global VC firm <keyword id="48032" type="General" weightage="80" keywordseo="blackstone" source="Orion">Blackstone</keyword> on Monday reached a definitive agreement to sell its stake in the Kerala-based software-as-a-service (<keyword id="6395918" type="General" weightage="20" keywordseo="SaaS" source="Orion">SaaS</keyword>) provider <keyword id="95627" type="General" weightage="80" keywordseo="ibs-software" source="Orion">IBS Software</keyword> to global private equity firm Apax for $450 million. Following the transaction, Apax will partner closely with <keyword id="128946" type="General" weightage="100" keywordseo="ibs" source="Orion">IBS</keyword> Software's Founder and Executive Chairman, V.K. Mathews, who will remain the majority shareholder. Founded in 1997, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world's leading aviation, tour and cruise, hospitality, and logistics companies. Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software's scalable, cloud-native platform and demonstrated market leadership position it to define the future of mission-critical technology for the travel industry. "This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We're grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax," said Mathews of IBS Software. The transaction is expected to close by the end of Q2 2023. Blackstone acquired about 40 per cent stake in IBS Software, from <keyword id="6375561" type="General" weightage="50" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword>, in 2015 for $170 million. "Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled," said Jason Wright, Partner, Apax. Amit Dixit, Head of Asia Private Equity, Blackstone added that they are happy to have played an important role in IBS Software's transformation to a SaaS company with global leadership in travel and logistics. "IBS is already one of the largest enterprise SaaS companies out of India. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme," Dixit added. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/lowest-scores-in-ipl-history-rajasthan-royals-joins-the-list-with-59-runs/slidelist/100249661.cms">Lowest scores in IPL history – Rajasthan Royals joins the list with 59 runs</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a>

Blackstone sells stake worth $450 mn in Indian firm IBS Software to Apax

<keyword id="48032" type="General" weightage="20" keywordseo="blackstone" source="Orion">Blackstone</keyword> announced on Monday that <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> funds managed by Blackstone have acquired a majority stake in <keyword id="370504" type="General" weightage="20" keywordseo="ASK-Investment-managers" source="Orion">ASK Investment Managers</keyword> Limited (ASK), one of India's largest asset and <keyword id="153884" type="General" weightage="20" keywordseo="wealth-management" source="Orion">wealth management</keyword> companies, from Advent International and other sellers. ASK is one of the leading asset and wealth managers in India catering to clients across Asia, the Middle East, Africa, and Europe, and manages more than $10.6 billion in assets (as of December 31, 2021). It is one of the first portfolio managers in India, with nearly three decades of experience in managing the investment needs of India's high-net-worth individuals, family offices and institutions. ASK also specializes in property investment advisory and wealth advisory services. Amit Dixit, Head of Asia for Blackstone Private Equity, said: "Asset and wealth management in India is a sunrise industry benefitting from secular tailwinds including the financialization of household savings and an emerging wealthy population seeking personalized financial advice and products. ASK is one of the most trusted brands in wealth management, built through a track record of consistent performance, customer-centric approach, and best-in-class distributors. The company is led by an entrepreneurial management team and founder who have been together for more than a decade and established a market-leading business. We are excited to partner with ASK in the next phase of its journey." Sameer Koticha, Founder Promoter &amp; Chairman, ASK, said: "We are excited about the investment from Blackstone, as a long-term strategic partner. This partnership is a testament to ASK's high-quality management team and the business we have built over decades. Blackstone's global reach and deep knowledge of the financial services sector will further strengthen our asset and wealth management businesses and help us grow significantly". Shweta Jalan, Managing Partner at Advent International, said: "We are immensely proud of all that has been achieved at the business since we became a partner over five years ago. During this period, ASK has undergone transformational change and continued to grow significantly. We would like to thank the management team for all their hard work throughout our time together and we wish the company great success in the future." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/petrol-and-diesel-are-likely-to-get-more-expensive-as-the-cost-of-crude-oil-hits-a-seven-year-high/articleshow/89559986.cms">Petrol and diesel are likely to get more expensive as the cost of crude oil hits a seven-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-stock-market-is-bummed-out-for-at-least-three-reasons-and-none-of-them-are-going-away-in-a-hurry/articleshow/89561390.cms">The market in India is bummed out for at least three reasons and none of them are going away in a hurry</a>

Blackstone acquires a majority stake in one of the largest wealth management firm, ASK Investment Managers

<keyword id="2900267" type="COMPANY" weightage="20" keywordseo="Byju">BYJU</keyword>'S will acquire <keyword id="6380190" type="PERSON" weightage="20" keywordseo="Aakash">Aakash</keyword> Educational Services Limited (AESL) through a strategic merger. The deal size is pegged at close to $1 billion, according to a person familiar with the transaction. This partnership brings together two of the largest and most-trusted education brands in India - combining Aakash's <keyword id="11048734" type="UNKNOWN" weightage="20" keywordseo="pedagogy-expertise">pedagogy expertise</keyword> in the test-prep segment with BYJU'S content and <keyword id="11048737" type="UNKNOWN" weightage="20" keywordseo="tech-capabilities">tech capabilities</keyword>. After the integration, BYJU'S will make further investments to accelerate Aakash's growth. Amit Dixit, Co-Head of Asia Acquisitions and Head of India Private Equity at Blackstone, said: "We invested in AESL because it is one of the leading education brands in India with a professional management team, best-in-class corporate governance and a 33-year track-record of exceptional results. We have always believed omni-channel will be the winning model in test prep and tutoring, and we look forward to being a part of the partnership between the two foremost companies in Indian supplementary education - Aakash and BYJU'S. The combination of Aakash and BYJU'S is highly synergistic and we are excited to help build India's largest education company." With over 215 centres, Aakash provides test preparatory services to students preparing for medical and engineering entrance exams, school/board exams, KVPY, <keyword id="75234" type="COMPANY" weightage="20" keywordseo="NTSE">NTSE</keyword>, Olympiads, and other Foundation level exams. Byju Raveendran, Founder and CEO, BYJU'S said, "Our complementary strengths will enable us to build capabilities, create engaging and personalised <keyword id="11048736" type="UNKNOWN" weightage="20" keywordseo="learning-programs">learning programs</keyword>. The future of learning is hybrid and this union will bring together the best of offline and online learning, as we combine our expertise to create <keyword id="11048735" type="UNKNOWN" weightage="20" keywordseo="impactful-experiences">impactful experiences</keyword> for students." Byju's further added, "The pandemic has brought the importance of the blended format of learning to the forefront. As we unite our forces to bring together decades of expertise and experience, this partnership will further accelerate Aakash's growth and success." Aakash Chaudhry, Managing Director, AESL said: "Together with BYJU'S, we will work towards building an omni-channel learning offering that will accelerate test-prep experience to the next level. While this partnership will enhance our operational verticals, Aakash will continue to operate as a separate entity with the same passion and commitment with which its Founder &amp; Chairman J C Chaudhry incepted it. We are excited to partner with BYJU'S, and will strive to deliver long-term value to our students, employees, investors, and other stakeholders." The addition of Aakash is a significant step towards strengthening BYJU'S product offering. It reiterates the company's focus on creating impactful learning products for students by adding more verticals, subjects, and languages to the same platform. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/pepperfry-co-founder-ashish-shah-gets-candid-about-its-ipo-plans-says-profitability-is-right-around-the-corner/articleshow/81908005.cms">Pepperfry co-founder gets candid about its IPO plans, says profitability is right around the corner</a> <a href="https://www.businessinsider.in/tech/mobile/news/lg-electronics-exits-smartphone-business-world-wide-lg-smartphone-timeline-history/articleshow/81908186.cms">LG Electronics exits the smartphone business – here’s how its mobile fortunes swayed over the last two decades</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hcl-tech-infosys-q4-earnings-preview-and-guidance/articleshow/81908765.cms">Record breaking quarter for Indian IT services is a given ⁠— all eyes are now on guidance</a>

BYJU'S closes its deal with Aakash Educational Services for nearly $1 billion

The who's who of Indian film industry took to Twitter to wish good health and <keyword id="793351" type="PERSON" weightage="20" keywordseo="speedy-recovery">speedy recovery</keyword> for megastar <keyword id="6357912" type="PERSON" weightage="20" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword> and son <keyword id="499" type="PERSON" weightage="20" keywordseo="abhishek-bachchan">Abhishek Bachchan</keyword>, after the two tested positive for the novel coronavirus. The Bachchans, who are at Nanavati Hospital, shared their health update on Twitter, on Saturday night. "I have tested COVID positive. Shifted to Hospital. Hospital informing authorities, family and staff undergone tests, results awaited," Amitabh, 77, tweeted. "All that have been in close proximity to me in the last 10 days are requested to please get themselves tested," he added. Abhishek, 44, said both his father and he had had mild symptoms and requested everybody to be calm and not panic. "Earlier today both my father and I tested positive for <keyword id="8764728" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID 19</keyword>. Both of us having mild symptoms have been admitted to hospital. We have informed all the required authorities and our family and staff are all being tested. I request all to stay calm and not panic. Thank you," he tweeted. Bollywood celebrities, including Madhuri Dixit-Nene, Taapsee Pannu, Sonam Kapoor Ahuja, Shahid Kapoor, Riteish Deshmukh among others took to Twitter and wished the duo good health. Amitabh's "Pink" co-star Taapsee wrote, "And you shall be back to health and happiness soon... champ!" Madhuri hoped for a quick recover of the veteran star. "Wishing you speedy recovery Amit ji," she wrote. Filmmaker Hansal Mehta said he was "praying" for the megastar's "early recovery." Actor Shahid Kapoor posted on the microblogging site, "Wishing you the speediest recovery Amitji and Abhishek. Wishing the entire family the best of health. Much love." "Take care sir. Love you. Awaiting your tweet when you say you're fine &amp; going back home," wrote filmmaker Kunal Kohli. Director Sudhir Mishra tweeted, "What a man ! Look at the matter of fact way he announces . So correct . Nothing will happen to him . He's been through tougher times . Prayers for the speedy recovery of Amitji and Abhishek." "Get well soon sir," said veteran Malayalam actor Mammootty. Actor Bipasha Basu said she was praying for speedy recovery. South superstar Mahesh Babu and Dulquer Salmaan as well as actors Pankaj Tripathi, Nimrat Kaur and Rajkummar Rao were among those who sent him their wishes. "Get well soon Amit uncle. All my love and prayers," actor Sonam Kapoor replied on his tweet. Actor Riteish Deshmukh said he's praying for the family's health. "Get well soon my brother - @juniorbachchan - praying for the family's well-being and good health- love you man," the actor wrote. Veteran actor-host Simi Garewal said she is sure the father-son duo will be fine soon. "Dearest Abhishek..so so sorry to hear about this - but I know you both will be fit and fine soon - you have our prayers and love to see you through,"she tweeted. Actor Preity Zinta said,"Get well soon Amitji Praying for your speedy recovery. Love you loads @SrBachchan" Actor Vicky Kaushal also wished good health to the duo. "Get well soon AB. Wishing you and @SrBachchan Sir a very speedy recovery," he wrote. Amitabh was last seen in Shoojit Sircar's "Gulabo Sitabo", which released on streaming platform Amazon Prime Video last month. Abhishek made his digital debut on Friday with Amazon's "Breathe: Into the Shadows". The actor's performance in the series is receiving positive reviews. JUR SHD SHD SHD

Bollywood wishes a speedy recovery to Amitabh Bachchan, son Abhishek after they test COVID-19 positive

Though anticipated, when it became official that the Melody Queen of India, <keyword id="31278" type="General" weightage="20" keywordseo="Lata-Mangeshkar" source="Orion">Lata Mangeshkar</keyword>, is no longer among us, it hit the collective consciousness of the nation like a sledgehammer. The only consolation was that she may have passed on, but her voice, which moved our hearts and provided succour to our souls for more than seven decades, will forever be with us. Like all inspirational stories, Lataji's early struggle to establish herself in the 1940s is one that we cannot ever forget. In those days, she would take a BEST bus and travel from her south Mumbai home regularly to meet Naushad Ali at his Khar West bungalow or in the studios, hoping for a 'singing break' under the legendary music maker's baton. In the vicious Mumbai monsoon, she would come to Naushad's home, wearing her trademark sari, carrying an umbrella but totally drenched, shivering and barely able to speak, let alone sing. The music director would offer her piping hot tea and cookies to soothe her, but no songs ... yet ... . "I felt her voice was not yet 'ripe' for my style of music," said Naushad, the perfectionist, in a conversation with this writer. He was trying to justify not giving her an early break. "To improve her diction and control over words, I advised her to learn and practice Urdu, which she did ... and finally, she was ready to record for me." The first choices of Naushad were the reigning stalwarts -- Noorjehan, Suraiya, Shamshad Begum, Zohra Ambalewali, to name a few. With time, trained by her father, Dinananth Mangeshkar, Lataji grasped the maestro's advice and got her first major hit -- 'Uthaye Ja Unke Sitam' ('Andaz', 1949) -- composed by her mentor Naushad. With it, she 'arrived' in the film industry. Thereafter, top music directors of the era wooed her, and they included Sachin Dev Burman, Husan Lal-Bhagat Ram (brothers), Ghulam Haider, Sardar Malik, Ghulam Mohammed, Jaidev, Salil Chowdhary, C. Ramchandra, Shankar-Jaikishan (partners), Roshan, Madan Mohan, M. Zahur Khayyam, Kalyanji-Anandji (brothers), Laxmikant-Pyarelal (partners), Sonik-Omi (uncle-nephew), Ravi Kumar Sharma or 'Ravi', Sudhir Phadke, Sajjad Hussain, Usha Khanna, and even A.R. Rahman, Anu Malik, Rajesh Roshan, Anand-Milind and Jatin-Lalit, among the younger crop of baton wielders. Producers and directors vied for Lataji's unique voice and style for their top heroines, especially because she could 'mould' her voice to suit most heroines. Without doubt, she had become the first among women singers, a position that Mohammed Rafi enjoyed among the men. Yet, there was a music director who remained aloof from Lataji -- with haughty pride -- and yet rose to the top echelons of the music industry -- the incomparable O.P. Nayyar. "I found Lata's voice too thin, too shrill, which did not suit my compositions," Nayyar had once said, claiming he was "the only music director who succeeded in Bollywood without Lata's voice". He added: "I needed a more vivacious, richer, healthier voice of, say, Shamshad Begum, Geeta Ghosh-Dutt, Asha Bhosale." One woman singer, Suman Kalyanpur, was blessed with a voice rivalling that of Lataji's, but she was content being in the shadows, yet she thrived on enduring masterpieces composed by some of the music directors. As Lataji's singing style matured under master music directors, her voice helped heroines who acted or danced to her tunes catapult to stardom, such as Madhubala, Meena Kumari, Nargis, Ameeta, Beena Rai, Waheeda Rehman, Vyjayanthimala Bali, Tanuja, Sharmila Tagore, Asha Parekh, Nutan, Saira Bano, Sadhana Shivdasani, Babita Kapoor, Zeenat Aman, Parveen Babi, Hema Malini, Rekha, Sridevi, Neetu Singh, Madhuri Dixit, and many others in the post-1980s, right down to the youngsters, notably, Kajol, Rani Mukherjee and Karisma Kapoor. After the exit of Noorjehan from India and the fading away of other stalwart female singers, by the late 1950s/early 1960s, Lataji was firmly perched on the top of the heap and brooked no nonsense from anyone -- producers, directors, composers, siblings or contemporaries -- attempting to clamber anywhere close to her roost. Bollywood is full of stories of how Lataji ring-fenced her position till the very end, often raising the hackles of her female peers, although male singers, such as Mohammed Rafi, Mukesh, Kishore Kumar, Mahendra Kapoor and Manna Dey (all deceased) and others, chose to maintain a professional rapport with her. Nevertheless, there were tales of how Rafi once bore the brunt of her "other side", or certain composers quivering as she gently declined to sing for them after they allegedly dared to commission some other female singers, for whatever reason. Of course, powerful filmmakers such as Mehboob Khan, Raj Kapoor, Kamal Amrohi, Dev Anand, Shakti Samanta, B.R. Chopra, Yash Chopra and the likes had no time for tantrums. Born on September 28, 1929, as the oldest child of a musically inclined family in Indore (Madhya Pradesh) -- comprising father Dinanath, Lataji, Meena (Khadilkar), Asha (Bhosale), Usha and sole brother Hridaynath -- she was tutored by her dad from the age of five and also acted in his musical stage plays, till death in 1942. Helped by a close family friend, Master Vinayak D. Karnataki, she got a foothold in singing and acting that year with a first Marathi song and a maiden Hindi song in 1943 before shifting to the film industry capital in 1945. In Bombay (now, Mumbai), she learnt classical music and continued singing the odd songs, till her big break with 'Dil Mera Toda, Mujhe Kahinka Na Chhoda' ('Majboor', 1948), with full help from Ghulam Haider, whom she later described as her "godfather". With a colossus such as Noorjehan still around, Lataji continued her with a few more hits -- 'Aayega Aanewala' ('Mahal', 1949) and 'Uthaye Ja Unke Sitam' ('Andaz', 1949), heralding her entry with a bang in big-time Bollywood. Simultaneously, she sang in different Indian languages with aplomb, non-film songs, with her range encompassing classical, tragic, melodious, erotic, melancholic, light, mischievous, depending on the composer, or the heroine, or the song situation. After the seniors passed away or faded out, Lataji sang expertly and easily with the gen next of male singers such as S.P. Balasubramaniam, Amit Kumar, Shabbir Kumar, Nitin Mukesh, Anwar, Udit Narayan and Sonu Nigam, and astounded her listeners with the seemingly "undying" power and youthfulness of her golden voice. Over the decades, she was decorated with a multitude of rewards and honours -- three Padma awards, five Filmfare Awards, the Dadasaheb Phalke Award -- capped by the Bharat Ratna in 2001. More than that, state governments named awards and institutions after her. Lataji sang at prestigious live concerts or charitable events, enthralling global audiences, picked up more overseas accolades, such as France's highest civilian honour, Officer of the Legion of Honour, in 2007, briefly dabbled in high-end merchandise, such as signature jewellery and perfumes, launched a production and music house, and entered into international music collaborations. Death has only removed her physically. The legacies she leaves behind will outlive her for decades. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/aditya-birla-fashion-retail-d2c-unit-will-sell-ethnic-and-wedding-wear-from-top-designers/articleshow/89347587.cms">Birla has the best wedding suits stacked up and he wants them displayed on your phone</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/textile-cigarette-metal-and-electric-batteries-sectors-stocks-up-budget-day/articleshow/89346157.cms">Textile, cigarette makers and others sector stocks that rallied since budget speech</a>

Lata Mangeshkar's over 70-year journey from travelling in BEST bus for singing break in the industry to melody queen of India

Mumbai, Mar 4 () The USD 572-billion private equity giant Blackstone, which has pumped in USD 15.5 billion into scores of companies in the country since its entry 15 years ago, is bullish on the Indian market which has given it the strongest results globally. Of the USD 15.5 billion of total investments it has made into 40 companies (and only six record-breaking profitable exits), as much as USD 6 billion flowed into the country in 2019 alone, a record high for the firm. Addressing a select group of media over lunch here, Stephen A Schwarzman, the chairman, chief executive and co-founder of Blackstone, said, "India has given us the strongest results across the world. And am optimistic this (will) continue going forward." But Schwarzman, known for his 'don't lose money' way of risk taking, did not quantify the returns he has made from the India investments. Since his last formal visit to India in 2006, Schwarzman, who is spending hundreds of millions of dollars on philanthropy, education and the arts, also said the India he visited then is not the India of today. The country has "changed enormously. India is a highly unusual market... despite the problems it is facing today, which is exacerbated by the crisis in the banking system, this market can come around for the better." "India's education sector is doing well, producing seven times more engineers than the US does annually. So it means it has all the preconditions for expansive growth as the economy has reached an inflection point," said Schwarzman, who founded Blackstone 30 years ago with USD 400,000, which has since grown to a USD 572 billion Wall Street gorilla. "Despite some hiccups, growth is happening at a good pace. Last year was a record for us with USD 6 billion investments. I see the same level of investment growth happening this year as well," said Amit Dixit, one of the senior managing directors at Blackstone Advisors India. The PE giant's largest exit was Intelenet Global Services, which was sold to French outsourcing giant Teleperformance for USD 1 billion in August 2018. Blackstone acquired it in 2013 for around USD 385 million and the return was its largest exit in Asia then. Blackstone invested in Intelenet twice in the last decade. It first picked up a stake in 2007 before selling to Selco in 2011. In late 2015, it bought the company back for USD 385 million.Blackstone pumped in USD 6 billion into India 2019 when it picked up companies like Aadhar Housing Finance from the troubled DHFL group for Rs 3,000 crore, stake in Essel Propack from the debt-laden Zee Group for Rs 3,211 crore, Akash Education, Indiabulls realty arm (Rs 1,600 crore), the tony One BKC property (Rs 2,500 crore) and Future Lifestyle. Blackstone is the largest realty investor in the country through its joint venture with the Embassy group, having launched the country's first REITs. Embassy Office Parks, the JV of Blackstone and Embassy, launched the first real estate investment trust (REIT) in March 2019, raising Rs 4,000 crore. Embassy Office Parks has a portfolio over 33 million sq ft comprising seven business parks and four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida. Besides the Embassy Group, Blackstone has also partnered with developers like Salarpuria Sattva Group, Indiabulls Real Estate, Panchshil Realty and K Raheja Corp, among others, totalling over USD 10 billion investments in realty sector alone. BEN ABMABM

You Searched For "amit dixit" and got 13 results

Blackstone to invest $2 bn every year in India; wants quicker M&A clearances

PTI

Milk to be 'integral' part of midday meal scheme soon

IANS

Exclusive: In conversation with the No-Nonsense Musician – Raghu Dixit

Saikat

Poulomi

Daal me kuch kaala! Is Blackstone acquiring majority stake in Haldiram’s for Rs 40,000 crore?

Divyanshi Sharma

Aadhar Housing Finance sets IPO price band at ₹300-315 per share

PTI

Blackstone sells stake worth $450 mn in Indian firm IBS Software to Apax

IANS

Blackstone acquires a majority stake in one of the largest wealth management firm, ASK Investment Managers

IANS

BYJU'S closes its deal with Aakash Educational Services for nearly $1 billion

IANS

Bollywood wishes a speedy recovery to Amitabh Bachchan, son Abhishek after they test COVID-19 positive

PTI

Lata Mangeshkar's over 70-year journey from travelling in BEST bus for singing break in the industry to melody queen of India

IANS

India has given us the strongest results globally: Blackstone chairman

PTI

Data from nine different elections show that Congress can be on the winning side but not the winner

BI India Bureau

Maharashtra identified 14 districts as red zones— here’s the complete list of containment zones in Mumbai and Pune

Navdeep Yadav