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Mortgage firm HDFC Ltd has announced 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.
ADIA is also the primary investor in the alternative investment funds managed by USD 3 billion-HDFC Capital. Set up in 2016, HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Funds 1, 2 and 3; and is aligned with the government’s goal to increase housing supply and support the Pradhan MantriAwas Yojana – ‘Housing for All’ initiative, HDFC Ltd said in a statement.
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.
It is to be noted HDFC announced earlier this month announced to merge with country’s largest private lender HDFC Bank to create a banking behemoth.
