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Bain Capital buys 90% of Adani Capital and Adani Housing

Bain Capital is acquiring 90% of Adani Capital and Adani Housing, in a deal which will buy out 100% of the Adani family’s private investments in the company.

Gaurav Gupta, CEO and managing director, will retain his stake and will continue to lead the company.

Bain has also committed $120 million in primary capital to facilitate the company’s ongoing growth. In addition, Bain Capital is also immediately making available to the Company a liquidity line $50 million in the form of Non-Convertible Debentures.

Rishi Mandawat, partner at Bain Capital, said Adani has “strong business fundamentals, an experienced team, with ability to serve and expand to core segments like agriculture, housing and to underbanked rural areas.”

“We see compelling opportunities to partner with Gaurav and team to support and facilitate Adani Capital’s next phase of growth by providing access to significant capital, strategic and operating resources, and deep experience partnering with financial services businesses in India and across the globe.”

Adani Capital is the non-banking financial company arm of Adani Group and commenced lending operations in April 2017.

Founded by Gautam Adani in 1988 as a commodity trading business, the Ahmedabad-headquartered Adani Group’s businesses include port management, electric power generation and transmission, renewable energy, mining, airport operations, natural gas, food processing and infrastructure.

The transaction is expected to close in Q4 this year, pending necessary regulatory and market approvals.

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