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Private Equity firm Blackstone has bought 50.1% in the country’s biggest garment exporter Gokaldas Exports for $165 million (Rs 682 crore).

The acquirer has also offered to buy further 20% of the equity capital at a price of Rs 275 per share in the open offer. The offer would remain open from October 5 to October 24. According to Gokaldas Exports executive director Rajendra Hinduja, the existing board will be expanded to include three nominees of Blackstone. Madanlal Hinduja will continue to be the chairman of the company. The deal will give Blackstone control over 46 garment manufacturing facilities with 46,000 employees capable of producing 2.5 million pieces a month. Gokaldas, clocked a revenue of Rs 1,039 crore for FY07 with a net profit of Rs 70.52 crore.

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