Blackstone enters race for Emami Cement

Blackstone Group Inc (KKR & Co) are reported to be contemplating a bid for Indian conglomerate Emami Group and Emami Cement Ltd.

Bloomberg reports that TPG Capital is also considering a bid for Emami Cement Ltd and may seek a partner for the project.

Emami Group has picked Arpwood Capital Ltd and Credit Suisse Group AG to supervise the sale of the cement unit, seeking a valuation of about US$1bn. The company operates three cement manufacturing plants in India and is setting up another one in Kalinganagar, Odish, India.