The Blackstone Group LP has invested 2.43 billion rupees 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.

The Supreme Court has allowed 18 mines to resume iron ore mining in Karnataka, the country's second-largest supplier, after a suspension of over a year on environmental concerns, opening up about 5 million tonnes a year of production again.