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Business trends

Blackstone accelerates Wall Street charge into India

New York firm allocates largest capital among all emerging markets

The ticker and trading information for Blackstone Group is displayed on the floor of the New York Stock Exchange. The firm has set its sight on India as the next growth center.    © Reuters

NEW YORK -- Wall Street firm Blackstone is accelerating its search for growth in India, which has seen a boom in its private equity market in recent years.

The New York-based private equity and alternative asset management company said Monday it has agreed to commit up to $460 million for a majority stake in Essel Propack, a Mumbai-based specialty packaging company whose clients include L'Oreal and Colgate.

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