Boston-based investment firm Bain Capital has agreed to buy a stake in an Indian non-bank lender owned by Gautam Adani’s family.
Bain Capital has agreed to acquire a 90 percent stake of Adani Capital and Adani Housing owned by Gautam Adani’s family, according to a statement. The firm has committed $120 million in primary capital to facilitate ongoing growth and will immediately make available a liquidity line of $50 million in the form of non-convertible debentures.
Gaurav Gupta will continue to hold a 10 percent stake in Adani Capital while retaining his roles as its managing director and CEO. The transaction is expected to close in the fourth quarter of 2023, pending necessary regulatory and market approvals.
Adani Group is undergoing consolidation and is increasing focus on its infrastructure development business. Adani Capital started its lending operations in April 2017 and has over 160 branches across India, according to its website.
