The Blackstone Group LP has invested 2.43 billion rupees ($43.69 million) to buy a significant minority stake in unlisted Indian fragrance maker SH Kelkar & Company, both the firms said in a joint statement.

The U.S. private equity giant has bought a 34.5 percent stake in the company, sources with direct knowledge of the matter told Reuters.

SH Kelkar & Company 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.

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