CCI Approves Bagmane Prime Office REIT's Stake Acquisition in Bagmane Developers and Other Entities

by- Grihik
Mar 5, 2026

The Competition Commission of India has approved the proposed combination involving the acquisition of certain stakes by Bagmane Prime Office REIT in Bagmane Developers Private Limited and other entities, marking a significant step toward the REIT's public listing and portfolio expansion.

New Delhi, March 5, 2026: The Competition Commission of India has approved the proposed combination involving the acquisition of certain stakes by Bagmane Prime Office REIT in Bagmane Developers Private Limited and other entities, directly or indirectly, according to a statement released today .

Transaction Details

The proposed combination envisages:

Direct acquisition of Bagmane Developers Private Limited (including its wholly owned subsidiary, Bagmane Green Power LLP) by Bagmane Prime Office REIT
Indirect acquisition by the Acquirer REIT of Bagmane Rio Private Limited
Indirect acquisition by the Acquirer REIT (through BDPL) of Luxor @ Bagmane Capital Tech Park from Bagmane Constructions Private Limited
The Sponsor Group of Acquirer REIT and certain third-party shareholders of the Target Entities will be issued units of the Acquirer REIT in consideration for the transfer of their shareholding in the Target Entities to the Acquirer REIT

Entities Involved

The Acquirer REIT, Bagmane Prime Office REIT, was registered with the Securities and Exchange Board of India on July 15, 2025, as a real estate investment trust under the REIT Regulations .

The Target Entities—Bagmane Developers Private Limited, Bagmane Rio Private Limited, and Bagmane Green Power LLP—are engaged in the business of development and leasing of commercial real estate, hospitality business, as well as allied services such as generation of power through renewable sources .

Market Context

The approval comes as Bagmane Prime Office REIT prepares for an initial public offering. The REIT, backed by Blackstone, is seeking a valuation of about $3.9 billion (approximately ₹32,000 crore) and aims to raise around ₹4,000 crore through the IPO . The offering includes a fresh issue of ₹3,000 crore and a secondary sale of ₹1,000 crore by Blackstone .

As of June 30, 2025, Bagmane's portfolio comprised six Grade A+ business parks totaling 20.3 million square feet, including 19.6 million square feet of leasable area, with properties achieving a committed occupancy rate of 97.9% .