April 22, 2019 / 12:15 PM / 5 months ago

Blackstone-backed funds to buy majority stake in India's Essel Propack

April 22 (Reuters) - India’s packaging company Essel Propack Ltd said on Monday that private equity funds backed by Blackstone Group agreed to buy a majority stake in the company.

The consortium of funds will buy a 51 percent stake in Essel from promoter Ashok Goel Trust and the deal value will range from $310 million to $462 million based on the open offer, Essel said. ($1 = 69.6700 Indian rupees) (Reporting by Chandini Monnappa in Bengaluru; Editing by Shreejay Sinha)

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