21 , April , 2022
In a recent development, HDFC limited ha announced the sale
of a 10 per cent stake in its private equity arm HDFC Capital Advisors to a
wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for about
Rs 184 crore.
In fact, ADIA is also the primary investor in the
alternative investment funds managed by USD 3 billion-HDFC Capital.
The funds managed by HDFC Capital provide long-term,
flexible funding across the life cycle of affordable and mid-income housing
projects, including early-stage funding, it said.
In addition, the funds will invest in technology companies
such as fin-tech and clean-tech engaged in the affordable housing ecosystem.
Earlier this month, HDFC announced merger of the company with the country's
largest private lender HDFC Bank to create a banking behemoth.
Once the deal comes into effect, HDFC bank will be 100 per
cent owned by public shareholders, and existing shareholders of HDFC will own
41 per cent of the bank, according to stock exchange filings.
Deepak Parekh, Chairman, HDFC, said, “The investment by ADIA
will enable HDFC Capital to leverage ADIA's global expertise and experience to
further propel HDFC Capital towards becoming a leading investment platform for
global and local investors across multiple strategies and asset classes in the
real estate and technology ecosystem”.
As per the statement, HDFC Capital's target is to finance
the development of one million affordable homes in India through a combination
of innovative financing, partnerships and technology, whilst focusing on
sustainability.
To achieve this objective, the company is in active
discussions with leading global investors to raise additional funds to be
invested in development of affordable and mid-income housing projects in India,
it added.
(WITH INPUTS TAKEN FROM PTI)
