Blackstone broadens Indian IT portfolio
Blackstone is set to invest INR1.5 billion ($34 million) in Mumbai-based IT solutions firm FINO, joining existing investors such as HSBC, ICICI Bank and Intel Capital, according to Reuters.
FINO, launched in 2006, claims to be a leading provider of integrated technology for financial and government institutions, bringing clients branch-less banking solutions. According to its website, FINO specializes in electronic payment platform projects centered around biometric smart cards, hand-held devices and micro-deposit machines.
The website also notes that further investors in the company include World Bank investment arm the International Finance Corp (IFC), Indian Bank and the Union Bank of India. Representatives from IFC, ICICI Bank and HAV3 Holdings sit on the company's board.
The transaction comes one month after Blackstone successfully sold another Indian IT services and outsourcing firm, Intelenet Global Services, to UK-based Serco for $634.2 million. That deal brought the firm a significant return on its investment, having purchased its majority stake in 2007 for less than $200 million.
Late June, Blackstone was also said to have made the final round of bidding to acquire an approximately 15% stake in IT and telecoms product distributor Redington India, but that stake ended up going to Standard Chartered Private Equity.
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