iifl: ADIA buys 20% in IIFL Home for Rs 2,200cr

iifl: ADIA buys 20% in IIFL Home for Rs 2,200cr


MUMBAI:A wholly owned arm of Abu Dhabi Investment Authority (ADIA) has invested Rs 2,200 crore for a 20% stake in IIFL Home Finance. This is one of the largest equity investments in the affordable housing finance segment in India by a financial investor.
IIFL Home Finance, which has Rs 23,617-crore assets under management, is a wholly owned subsidiary of IIFL. The home finance arm plans to use the additional capital to continue its granular expansion strategy into new markets to address the significant and growing demand for housing loans.
The company has built a strategy of providing low-value loans efficiently by using technology for digital onboarding of customers and for credit appraisal and collection systems. “The investment recognises IIFL Home Finance’s position as one of India’s largest providers of affordable housing loans,” said IIFL Group founder Nirmal Jain. The housing finance company has a customer base of 168,000 across 16 states and 2 Union Territories with over 200 branches backed by more than 3,200 employees.





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Author: Shirley