Blackstone, the worlds largest alternative assets manager, is exiting the distressed assets space in India by selling its controlling interest in a high-profile, six-year-old joint venture that includes Tata group, HDFC Bank and ICICI Bank. Mathew Cyriac, former PE co-head for Blackstone India, has emerged as frontrunner to buy a controlling 51% in IARC, said people in the know.
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