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The Abu Dhabi Investment Authority (ADIA) is one of 14 entities vying for a stake in Credila, the education lending arm of India’s Housing Development Finance Corporation (HDFC).
Other bidders include Singapore’s GIC, Blackstone Group, BPEA EQT (formerly Baring Asia Investment Fund) and Warburg Pincus, Indian financial daily Mint said, citing unnamed sources.
Local firms – IndusInd Bank and Kotak Mahindra Bank – are also planning to bid for Credila, one of the largest education loan financial institutions in the country.
ADIA has reportedly invested in several Indian banks. In March, India’s Lenskart and goodbye Raising $500 million as the eyewear retailer plans to expand into new markets.
HDFC chose US investment bank Jefferies Financial Group Inc to manage the sale of Credila and could seek a value of up to $1 billion, the report said.
The mortgage provider has chosen U.S. investment bank Jefferies Financial Group Inc to manage up to $1 billion in the sale of Credila as part of a merger with HDFC Bank, the report said.
HDFC Vice Chairman and CEO Keki Mistry said the company is willing to reduce its Credilla From 100% to 10%.
(Editing by Saipan Scalia seban.scaria@lseg.com)
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