US-based private equity firm Blackstone Group Inc. is acquiring a stake in the Allcargo Logistics’ arms engaged in the logistics business for up to ₹380 crore.

Allcargo said in a stock-exchange filing that Blackstone makes an investment up to ₹380 crore ($53.6 million) in the company’s logistics subsidiaries through a combination of equity and debentures.

The partnership between Blackstone and Allcargo Logistics plan to make further investment in the future to develop industrial and logistics parks across key markets in the country, Allcargo said.

“The transaction is expected to conclude in a phase-wise manner over the next 12 months, subject to satisfaction of customary closing conditions and achievement of certain milestones,” Allcargo said in a statement.