Blackstone Group LP has invested $43.69 million to buy a significant minority stake in unlisted Indian fragrance maker SH Kelkar & Co, both the firms said in a joint statement.
The US private equity giant has bought a 34.5 per cent stake in the company, sources with direct knowledge of the matter said.
SH Kelkar & Co provides specialty fragrance and flavour ingredients used by consumer goods companies.
Blackstone, which is the world's largest fund and manages about $166.2 billion globally, has invested about $2.5 billion in India so far.
Keynote Corporate Services was the advisor for the transaction.