Housing Development Finance Corporation (HDFC) on Wednesday mentioned it has entered into binding agreements to promote a ten% stake in HDFC Capital Advisors to an entirely owned subsidiary of Abu Dhabi Investment Authority (ADIA) for Rs 184 crore. ADIA can be the first investor within the various funding funds managed by HDFC Capital.
Set up in 2016, HDFC Capital is the funding supervisor to HDFC Capital Affordable Real Estate Funds 1, 2 & 3, and is aligned to extend housing provide underneath the Pradhan Mantri Awas Yojana. HDFC Capital manages an roughly $3-billion funding platform.
HDFC Capital’s goal is to finance the event of 1 million inexpensive houses in India by a mixture of revolutionary financing, partnerships and expertise, whereas specializing in sustainability. The firm is in energetic discussions with main world traders to lift extra funds to be invested in growth of inexpensive and mid-income housing tasks in India.
Deepak Parekh, chairman, HDFC, mentioned supported by marquee world traders like ADIA, funds managed by HDFC Capital have grown to create one of many world’s largest personal financing platforms for the event of inexpensive housing. “This 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,” he mentioned.
The funds managed by HDFC Capital present long-term, versatile funding throughout the lifecycle of inexpensive and mid-income housing tasks, together with early-stage funding. In addition, the funds will even spend money on expertise firms engaged within the inexpensive housing ecosystem, similar to these working within the areas of building expertise, fintech and clean-tech.
Mohamed AlQubaisi, govt director of the true property division, ADIA, mentioned the settlement underlines ADIA’s perception within the constructive long-term outlook for inexpensive and mid-market housing in India.
Source: www.financialexpress.com”