Global private equity fund Blackstone has said it can do up to six deals or invest over $500 million a year in India, but also stated that “governance deficit” and “archaic” regulations are the biggest hindrances while operating in the country.

“We have the capacity to do four to six deals per year and invest $500-600 million,” the Blackstone India Chairman and Managing Director, Mr Akhil Gupta, told a select group of reporters here.

He, however, added that it should “not be confused” that Blackstone will be definitely doing that many deals.

“The best part of our working is that we do not have any set targets...that we have to invest this much every year,” he said.

Mr Gupta declined to give a specific answer when asked about the sectors which excite him the most, at present.

However, he was very vocal when asked about the challenges and mentioned “archaic regulations built for some other times” which prevent smooth sealing of deals and “governance deficit” that has set in due to the recent controversies, as the major difficulties when it comes to operating in India.

Blackstone has closed 17 deals and invested $1.8 billion since starting India operations six years ago, the last being acquisition of a significant minority stake to become the single largest shareholder in financial inclusion drive facilitating firm FINO for Rs 150 crore.

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