Blackstone to invest $150-$200mln in Indian firm: Sources

MUMBAI: Blackstone Group is investing $150 million-$200 million in an Indian technology solutions provider for banks, microfinance institutions and insurance companies, two sources with direct knowledge of the deal said.

Blackstone will make pick up a minority stake in FINO, said the sources, declining to be named as the information is not public yet. An announcement about the deal is expected to be made later on Thursday.

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.