New York-based Raine Group LLC said it was expanding its operations into India and will open an office in Mumbai.

The lender will operate through a newly-established Indian subsidiary which is expected to begin operations in early May, it said in an April 5 release.

The global merchant bank also appointed Gaurav Mehta as managing director to head the company's Indian operations. Mehta previously served as head of India investment banking for UBS Group AG.

Raine Group said its move into India will expand its global footprint, offering a solid presence in the market, as well as boost its ability to continue advising clients on a global basis. It has been advising on M&A and capital raising transactions for companies in India for the last 70 years.