Key Takeaways
- • Private equity firms hold controlling or significant stakes in eight listed Indian companies, with the largest positions reaching 76.55% (International Gemological Institute, held by a Blackstone-controlled Singapore vehicle).
- • Advent International, via Lunolux Limited, held 62.55% of Eureka Forbes Ltd as of Q1 FY27, the highest-profile holding among the names profiled.
- • Carlyle, Blackstone and PAG are each linked to multiple positions, including CA Magnum Holdings' 74.30% stake in Hexaware Technologies and BCP Asia II Holdco VII's 64.66% stake in Aadhar Housing Finance.
- • ChrysCapital holds stakes across Novartis India (through WaveRise Investments at 56.45% plus Two Infinity Partners at 3.91%) and related vehicles, while Blackstone-linked entities hold 40% of Kolte Patil Developers and 30.53% of Mphasis.
- • The article frames these holdings as sources of capital, industry expertise and strategy, but flags stake size, investment horizon and potential ownership changes as key risks to monitor.
Summary
An Indian market report published October 14 identifies eight listed companies in which private equity firms hold substantial stakes, with holdings ranging from roughly 30% to 76.55%. The positions are drawn from shareholding data as of Q1 FY27 for several names, and the article notes that private equity investment is typically aimed at generating returns through growth and business restructuring across sectors including healthcare, financial services, IT, real estate and consumer goods.
The largest disclosed stake is in International Gemological Institute Ltd, where BCP Asia II TopCo Pte. Ltd. holds 76.55%. The vehicle is a Singapore-incorporated investment holding company controlled and managed by affiliates of Blackstone Inc. Hexaware Technologies, an IT services provider focused on cloud, artificial intelligence and analytics, has CA Magnum Holdings as its largest holder at 74.30% as of Q1 FY27. CA Magnum is owned by CA Silkie Investments, an entity formed and advised by affiliates of The Carlyle Group. Aadhar Housing Finance Ltd, a mortgage lender focused on low-income borrowers, shows BCP Asia II Holdco VII Pte. Ltd. with 64.66%, controlled by Blackstone affiliates.
Eureka Forbes Ltd, a consumer and water-purification business, is 62.55% held by Lunolux Limited as of Q1 FY27. Lunolux is a special purpose vehicle owned by AI Global Investments (Cyprus) PCC Limited, the Asian investment vehicle for funds managed by Advent International. Nuvama Wealth Management Ltd, which serves high-net-worth clients, family offices and institutions, has PAGAC Ecstasy Pte. Ltd. at 53.12%, a subsidiary affiliated with PAG, an Asia-focused alternative investment manager.
ChrysCapital has interests in two companies. Novartis India Ltd is held 56.45% by WaveRise Investments Limited and 3.91% by Two Infinity Partners, both associated with the ChrysCapital Group, alongside a 10.32% stake held by ChrysCapital Fund X as of Q1 FY27. Mphasis Ltd, an IT solutions provider with a focus on banking and insurance clients, has BCP Topco IX Pte. Ltd. holding 30.53%, associated with Blackstone-managed funds. Kolte Patil Developers Ltd, a Pune, Mumbai and Bengaluru residential and commercial developer, has BREP Asia III India Holding Co VII Pte. Ltd. holding 40%, owned by Blackstone-affiliated funds.
The article cautions that private equity ownership brings access to capital and strategic experience, but investors should weigh the size of the stake, the expected holding period and the possibility of future ownership changes, particularly where a single sponsor controls a majority position.
The largest disclosed stake is in International Gemological Institute Ltd, where BCP Asia II TopCo Pte. Ltd. holds 76.55%. The vehicle is a Singapore-incorporated investment holding company controlled and managed by affiliates of Blackstone Inc. Hexaware Technologies, an IT services provider focused on cloud, artificial intelligence and analytics, has CA Magnum Holdings as its largest holder at 74.30% as of Q1 FY27. CA Magnum is owned by CA Silkie Investments, an entity formed and advised by affiliates of The Carlyle Group. Aadhar Housing Finance Ltd, a mortgage lender focused on low-income borrowers, shows BCP Asia II Holdco VII Pte. Ltd. with 64.66%, controlled by Blackstone affiliates.
Eureka Forbes Ltd, a consumer and water-purification business, is 62.55% held by Lunolux Limited as of Q1 FY27. Lunolux is a special purpose vehicle owned by AI Global Investments (Cyprus) PCC Limited, the Asian investment vehicle for funds managed by Advent International. Nuvama Wealth Management Ltd, which serves high-net-worth clients, family offices and institutions, has PAGAC Ecstasy Pte. Ltd. at 53.12%, a subsidiary affiliated with PAG, an Asia-focused alternative investment manager.
ChrysCapital has interests in two companies. Novartis India Ltd is held 56.45% by WaveRise Investments Limited and 3.91% by Two Infinity Partners, both associated with the ChrysCapital Group, alongside a 10.32% stake held by ChrysCapital Fund X as of Q1 FY27. Mphasis Ltd, an IT solutions provider with a focus on banking and insurance clients, has BCP Topco IX Pte. Ltd. holding 30.53%, associated with Blackstone-managed funds. Kolte Patil Developers Ltd, a Pune, Mumbai and Bengaluru residential and commercial developer, has BREP Asia III India Holding Co VII Pte. Ltd. holding 40%, owned by Blackstone-affiliated funds.
The article cautions that private equity ownership brings access to capital and strategic experience, but investors should weigh the size of the stake, the expected holding period and the possibility of future ownership changes, particularly where a single sponsor controls a majority position.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.