UAE’s ADIA wealth fund takes 10% stake in India’s HDCF for $24.1m

RIYADH: The UAE’s biggest sovereign wealth fund, Abu Dhabi Investment Authority, has signed a $24.1 million deal to acquire a 10 percent stake in India’s HDFC Capital.

Its parent firm, Housing Development Finance Corp. will sell 235,019 shares to a wholly-owned unit of ADIA at $102.64 per share, according to a statement.

“HDFC Capital is one of India’s leading providers of affordable housing project finance, with an established track record of supporting the development of new residential stock across the country,” Mohamed Al Qubaisi, executive director of the real estate department at ADIA, said.

“Investment by ADIA will enable our business to leverage its global expertise and experience to further propel the business towards becoming a leading investment platform for global and local investors,” HDFC chairman, Deepak Parekh, added.

The UAE-based wealth fund is the primary investor of alternative investment funds under the scope of HDFC Capital, the Indian firm said.