US-based investment firm Bain Capital said on Sunday that it has entered into an agreement to acquire 90% of Adani Capital and Adani Housing, buying out all of the Adani family’s private investments in the company.

Gaurav Gupta will retain the remaining 10% stake in Adani Capital and will continue to serve as its Managing Director and CEO, Bain said.
The investment firm has committed $120 million for Adani Capital and an additional liquidity line of $50 million in the form of Non-Convertible Debentures.

Adani Capital is a non-banking financial arm of the Adani group which started its lending operations in 2017.
The transaction, which is expected to close in the fourth quarter of this year, aims to position Adani Capital as a standalone company to expand lending, Bain said.
“I am very happy that a credible investor like Bain is stepping in now and this will help the business grow manyfold from here,” said Gautam Adani, chairman of the Adani group.