Blackstone Group has acquired a 7.12% equity stake in India’s Monnet Ispat & Energy, Economic Times reports. The U.S. firm paid a total of $50 million for the acquisition.

The group’s private equity arm Blackstone Capital Partners purchased 4.5 billion shares of Monnet Ispat & Energy from the company’s existing shareholders. Blackstone has invested $60 million for a 12.5% equity stake in Monnet Power, a subsidiary of Monnet Ispat & Energy.

Click here for the story from Economic Times.