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

Mr Gaurav Gupta will retain the remaining 10 per cent stake in Adani Capital and will continue to serve as its managing director and chief executive, Bain said.

Adani Capital is the non-banking financial arm of the Adani Group, which started its lending operations in 2017. Bain has committed US$120 million (S$160 million) for the arm and an additional liquidity line of US$50 million in the form of non-convertible debentures.

Bain’s interest in the billionaire Gautam Adani-owned company comes at a time when it has been under pressure after US short-seller Hindenburg Research accused it of improper business practices, leading to a more than US$150 billion plunge in value of the group’s main stocks.

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.

Mr Adani, the chairman of the Adani Group, 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.”

Bain’s investment follows other international investments by companies such as GQG, which raised its stake in Mr Adani’s conglomerate by about 10 per cent in May.

“With Bain committing 1,000 crore rupees (S$160 million) of capital in the company, we are now equipped to grow four times from here,” Mr Gupta said in a statement.

Adani Group stocks have recovered by around US$50 billion since the Hindenburg-triggered stock rout early in 2023 after Mr Adani assured investors and repaid debt. REUTERS