ADIA has decided to invest 20 per cent stake in Indian home finance company
PRAVASISAMWAD.COM
Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, has decided to invest 20 per cent stake in Indian home finance company for an investment of $282.74 million (INR 2,200 crore).
AIDA has decided to invest in Indian non-banking financial company (NBFC) IIFL deal for which was done on Thursday. ADIA will invest in IIFL Home Finance through its wholly-owned subsidiary
Established in 2006, IIFL Home Finance maintains an asset profile to the tune of INR 23,617 crore. It is a wholly-owned subsidiary of IIFL Finance and one of the India’s largest affordable housing finance companies.
HT quoted Nirmal Jain, Founder, IIFL Group as saying, “We are delighted to partner with ADIA who bring to the table long-term commitment and rich experience of supporting growing businesses. The investment recognizes IIFL Home Finance’s position as one of India’s largest providers of affordable housing loans and how well it is placed to continue to target the large, resilient housing finance market.”
Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA said, “IIFL Home Finance has already established itself as one of India’s leading technology-enabled mortgage lenders. This investment aims to support the company for its next phase of growth, as it meets the significant demand in India’s large, under-served and fast-growing affordable housing finance market.”
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