Processing .....please wait.. 
The article has been forwarded.... 
Blackstone Group sets aside $1B for Indian firms
By agencies
|
Tuesday, 17 May 2005, 19:30 IST
NEW DELHI: U.S. investment and advisory firm, Blackstone Group has announced plans to invest $1 billion in India.
The New York group said it has allocated $1 billion for private-equity investment in Indian companies and also plans to set up a dedicated fund in the Asian region.
"We believe India has enormous potential and foreign direct investment can play a significant role in supporting the country's economic growth", Stephen A Schwarzman, Chairman and Chief Executive of Blackstone Group, said in statement.
Akhil Gupta, former Chief Executive of Corporate Development at Reliance industries, and who has been appointed to head Blackstone group operations in Mumbai, in a statement said: "India is at an inflection point in its history from where it is poised to emerge as a major and dynamic economic power".