Lagatar24 Desk
New Delhi, April 20: HDFC, India’s largest mortgage lender, has sold a 10% interest in HDFC Capital to an Abu Dhabi Investment Authority (ADIA) wholly-owned subsidiary for Rs 184 crore.
ADIA is also the largest shareholder in HDFC Capital’s alternative investment funds. The Abu Dhabi Investment Authority, which was founded in 1976, is a worldwide diversified investment agency run by the Abu Dhabi government.
HDFC Capital, a wholly-owned subsidiary of Housing Development Finance Corporation (HDFC), manages private equity funds focusing on the Indian real estate market.
HDFC Capital, which was founded in 2016, is the investment manager for the HDFC Capital Affordable Real Estate Funds 1, 2, and 3. It is committed to the Government of India’s goal of increasing housing supply and supporting the Pradhan Mantri Awas Yojana.
HDFC Capital operates a $3 billion fundraising platform that was recently named one of the world’s largest private finance platforms focusing on affordable home development.
“Six years ago we set up HDFC Capital with a vision of progressing in sync with the government’s ‘Housing For All’ goal by increasing the supply of affordable homes in India,” Deepak Parekh, Chairman, HDFC, said.
He noted that the funds managed by HDFC Capital have evolved to become one of the world’s largest private financing platforms for the creation of affordable housing, thanks to the support of prominent global investors such as ADIA.
HDFC Capital manages funds that provide long-term, flexible capital for affordable and middle-income housing projects, including early-stage financing. The funds will also invest in companies that are involved in the affordable housing ecosystem through technology. In India, HDFC Capital aims to build one million affordable homes.
