Initial Setbacks and Learning Curve
Two decades ago, Blackstone Inc. identified India as a promising market, establishing an office in Mumbai in 2005. The firm initially invested heavily in minority stakes across multiple companies. However, within two years, many of these investments had to be written down to almost zero. "We were new to India, and we were learning," says Amit Dixit, Blackstone’s head of Asia for private equity. The sector was still in its nascent stages.
Strategic Shift and Success
Despite early challenges, Blackstone remained committed to the Indian market. The firm replaced its India head and shifted its strategy to focus on acquiring majority stakes. By building relationships with a new wave of entrepreneurs and integrating its Indian ventures with its global operations, Blackstone established a strong foothold in India. Today, India ranks as Blackstone's third-largest investment market after the US and the UK, with returns surpassing those from any other country.
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