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Third Blackstone nod goes to Khaitan in $34m Luthra-FINO investment

Khaitan & Co advised on private equity firm Blackstone’s Rs 150 crore investment in business and banking technology platform Financial Inclusion Network and Operations Limited (FINO), which was advised by Luthra & Luthra.

Khaitan & Co partners Haigreve Khaitan and Zakir Merchant led for the Blackstone group on the deal that involved legal work ranging from due diligence, documentation, negotiation and final execution and closing of the transaction.

Luthra & Luthra’s Mumbai office with managing associate Bikash Jhawar and senior associate Amit Shetye advised the investee company FINO.

The transaction involved issues such as exchange control laws, including sectoral caps and conditionalities on foreign direct investment (FDI), enforceability of options and transfer restrictions, and RBI regulations concerning banking correspondent services, according to a release from Khaitan & Co.

Last week Legally India reported that Blackstone has also recently invested in the power and real estate sectors, with relatively new advisers Trilegal and veteran Blackstone counsel Amarchand Mangaldas having been drafted in respectively.

In early June Khaitan had also completed Blackstone’s $51m investment in the Luthra-represented Jagran Media group that owns publications such as Mid Day and Dainik Jagran, which Legally India reported in 2010.

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