HDFC, India's largest housing finance company, said Wednesday that it will sell a 10% stake in its HDFC unit. C Capital) to a unit of the Abu Dhabi Investment Authority for 1.84 billion rupees, equivalent to 24.09 million dollars.
The deal comes two weeks after HDFC and HDFC Bank, India's largest private sector lender, put forward merger plans to create a services giant. Finance to take advantage of the growing demand for credit, according to CNBC Arabia.
HDFC Capital was established in 2016 and manages private equity funds focusing on the real estate sector in India, as well as managing a funding platform of nearly $3 billion. .
The statement stated that the Abu Dhabi Investment Authority is the main investor in the alternative investment funds managed by (HDFC Capital).
HDFC said it is also in active discussions with major global investors to raise additional funds for housing development in India.
