By Kosaku Narioka
Housing Development Finance Corp. said Wednesday that it has agreed to sell a 10% stake in a unit that manages real-estate funds to Abu Dhabi Investment Authority for 1.84 billion rupees ($24.1 million).
The Indian mortgage lender said the unit, HDFC Capital Advisors Ltd., manages an about $3 billion funding platform focused on developing affordable housing. The funds managed by HDFC Capital provide long-term financing for affordable and mid-income housing projects and will also be invested in technology companies engaged in the housing industry, it said.
The Abu Dhabi-based sovereign wealth fund is a primary investor in the funds managed by HDFC Capital, the mortgage lender said.
HDFC Capital is in discussions with global investors to raise additional funds to be invested in housing projects in order to reach its target of financing the development of 1 million affordable homes in India, the company said.