Acquisition of Adani Capital opens access to India's 'underbanked' market, Bain says
Publishing timestamp: 2023-08-11 04:26:45
Summary
U.S. private equity group Bain Capital has agreed to buy 90% of Adani Capital and Adani Housing, aiming to tap into the "underbanked" segment of India's economy. The deal will provide a lending platform for India's micro, small, and medium enterprises, which contribute around 30% of the country's GDP. Despite growth in this segment, traditional banks find it difficult to access due to the granular nature of lending. Bain Capital has pledged $120 million in primary capital to Adani Capital and an additional $50 million liquidity line. The deal is expected to close in the fourth quarter of this year.
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Keywords: bain capital specialty finance inc, banks, asia economy, business news,