Blackstone also intends to purchase additional shares ofAllcargo from the open market from time to time, but intends tomaintain its ownership below 15%. Allcargo will raise the $60million through a fresh issue of equity shares, fully andcompulsorily convertible debentures and optionally convertiblewarrants. Allcargo is a leading Indian private sector logisticsoperator and a niche global logistics player.

A Blackstone representative tells GlobeSt.com that the companyhas nothing further to add at this moment, and couldn't furtherdetail anything regarding Blackstone's plans. Akhil Gupta, chairmanand managing director of Blackstone Advisors India Private Ltd.says in a prepared statement that "we are confident that the Indianlogistics sector will experience significant growth in the comingyears. India is seeing buoyant economic growth, improvements ininfrastructure, and a rationalization of the country's taxstructures, and Allcargo is an ideal platform for Blackstone to bein this highly attractive sector."

Shashi Kiran Shetty, chairman and managing director of Allcargosays in a prepared statement that the company is "excited about theinvestment by the Blackstone Group and value their association asour long term partner. With their global reach and proactiveapproach, they bring immense value to the company. This investmentwill allow us to execute our organic and inorganic growth plans andcontinue to strengthen our leadership position in the logisticsspace."