American private equity giant Blackstone Group and Pune-based developer Panchshil Realty bought a 49% stake in South Mumbai's iconic Express Towers. 

Panschshil Realty is one of Blackstone's portfolio companies.

According to the Economic Times, Blackstone and Panchshil acquired the yield-generating asset from the Indian Express Group and ICICI Venture for INR 900 crore. 

ICICI Venture  is a wholly-owned subsidiary and the private equity arm of ICICI Bank, the largest private sector lender in India. It holds a 49% stake in Indian Express Newspapers Ltd., which owns and manages Express Towers, the report said. 

The ICICI Venture, through its Advantage Fund III, had purchased the 49% stake in the Indian Express Newspapers in 2008. The deal was worth around INR 360 crore.

Most of the remaining 51% stake is owned by Viveck Goenka and Shekhar Gupta, Economic Times said. Goenka is currently the chairman and managing director of Indian Express Limited, while Gupta is the editor-in-chief of The Indian Express Group.