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ATM biz gets $32m cash with Khaitan, AZB/Milbank

The ATM business: Full of cash
The ATM business: Full of cash

Khaitan & Co represented ATM outsourcing company AGS Transact Technologies in its successful bid to raise Rs 145 crore ($32m) in private equity funds from investment firm TPG growth, which drafted in AZB Partners and Milbank Tweed.

Khaitan & Co partner Anand Mehta with associates Pooja Patel and Bhushan Shah acted for AGS.

TPG growth was led by AZB Mumbai partner Abhijit Joshi and senior associate Nandish Vyas and Niren Patel.

TPG’s international counsel was Milibank Tweed Hong Kong-based partner Sanjeet Malik, who also co-ordinates the firm’s India practice.

AGS has installed more than 11,000 ATMs for over 70 banks in India, according to VCCircle, with the company installing the cash machines and point-of-sales payment systems on behalf of banks.

Photo by William Grootonk

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