U.S. private equity firm Blackstone is in talks to buy a 63 percent stake in an Indian agro-chemicals and veterinary drugs maker for about 6.3 billion rupees ($130 million), the Economic Times reported on Thursday, citing an unnamed person with knowledge of the matter.
Blackstone, which is doing due diligence of unlisted Gharda Chemicals, aims to buy the entire holding of founder Keki Hormusji Gharda, the newspaper said.
It said Gharda declined to confirm the development, citing confidentiality clauses signed with four interested parties, including Blackstone.
Blackstone also declined comment, it said.
Gharda Chemicals, set up in 1967, is a research-based company with four manufacturing units, its website showed. In 2007/08 the company posted sales of 7.2 billion rupees, which included exports of 3.9 billion.
(Reporting by Janaki Krishnan; Editing by Ranjit Gangadharan)