Blackstone Invests $34M in India’s FINO

Buyout shop Blackstone will put 1.5 billion rupees ($34 million) into FINO, an Indian technology solutions provider for banks, microfinance institutions and insurance companies, Reuters reported Thursday. The company’s existing investors include HSBC, ICICI Bank and Intel Capital. Blackstone did not disclose the size of its stake in FINO.

(Reuters) – U.S. private equity firm Blackstone Group said on Thursday it will invest 1.5 billion rupees ($34 million) in FINO, an Indian technology solutions provider for banks, microfinance institutions and insurance companies.

Existing investors in FINO include HSBC , ICICI Bank and Intel Capital, according to the website of the company that was set up in 2006 and is based in Mumbai.

Private equity deals are rapidly growing in India, with companies such as 3i Group Plc and Blackstone Group scouting for new investment opportunities, and many others selling their holdings as valuations improve.

India saw 61 private equity buyouts worth $3.3 billion in the first half of 2011, up 21.6 percent from the same period last year.

(US$1=44.44 rupees) (Reporting by Sumeet Chatterjee and Indulal P.M.; Editing by Ranjit Gangadharan)