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Steadview Capital in race to invest in BlueStone

Global hedge fund Steadview Capital Management Llc has joined the race to buy a significant minority stake in Ratan Tata-backed Indian jeweller BlueStone Jewellery and Lifestyle Pvt. Ltd for $100 million, three people aware of the matter said.

India-focused Steadview is competing with Singapore state investor Temasek Holdings (Pvt.) Ltd, which is already conducting due diligence BlueStone, the people said on the condition of anonymity.

“The deal values the company at ₹4,000 crore ($500 million), and the stake on offer is 20%, which would be a mix of primary and secondary shares," one of the three people said.

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