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New York, New York and Mumbai,
India
December 30, 2008
The Blackstone Group
(NYSE: BX), announced today that the Board of Directors of
NSL Group (“NSL”) have
approved an investment into “NSL
Seeds” the flagship company of the privately-owned NSL
group, by The Blackstone Group and its affiliates (“Blackstone”)
for a minority position. As part of this transaction, Blackstone
will have representation on the Board of NSL Seeds. The amount
of the investment was not disclosed.
NSL Seeds is the largest hybrid seed company in India, engaged
in R&D, production and marketing of seeds with market leadership
in hybrid cotton seeds and significant presence in other field
crops including corn, rice, sunflower, sorghum, pearl millet,
and vegetable crops. The company has a strong research platform
that in the past has produced some of the leading cotton hybrid
brands. In addition, the company’s distribution network, with
nearly 25 stocking depots, 1000 distributors, 20,000 sub-dealers
and a 350 person strong sales and marketing team, is the largest
in the Indian seeds industry.
Commenting on the deal Mr. Prabhakar Rao, Chairman and Managing
Director of NSL Group, said “We are excited about the investment
by The Blackstone Group and value their association as our long
term partner. With their track record in adding value, their
global reach and proactive approach, Blackstone’s involvement
will be very valuable in our journey from a privately-held
company to a publicly-listed world-class Bio-Agri franchise.”
Mr. Akhil Gupta, Chairman and Managing Director of Blackstone
Advisors India Private Limited, said “NSL is one of the
strongest franchises in the Indian agriculture sector. It has
been built over a period of 30 years under the visionary
leadership of Mr Prabhakar Rao. India is focusing on improving
its agriculture sector and is witnessing a significant increase
in investments in it. We believe that for Blackstone NSL is an
ideal partner to explore the significant potential of this
highly attractive sector. We have been impressed by both the
breadth and depth of NSL’s management team and look forward to
working with them.”
JM Financial was the advisor for this transaction.
Blackstone is one of the world’s leading investment and
advisory firms. We seek to create positive economic impact and
long-term value for our investors, the companies we invest in,
the companies we advise and the broader global economy. We do
this through the commitment of our extraordinary people and
flexible capital. Our alternative asset management businesses
include the management of corporate private equity funds, real
estate funds, hedge funds, funds of funds, debt funds,
collateralized loan obligation vehicles (CLOs) and closed-end
mutual funds. The Blackstone Group also provides various
financial advisory services, including mergers and acquisitions
advisory, restructuring and reorganization advisory and fund
placement service. |
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