Adani to sell 90% stake in fin services to Bain Capital for Rs 1,440 cr

Adani Group plans to sell 90 per cent stake in the financial services business to private equity firm Bain Capital for Rs 1,440 crore.

The company is valued at Rs 1,600 crores with management led by CEO Gaurav Gupta holding 10 per cent stake in the company. Gupta will remain an investor in the company. A banking source said that Bain Capital will invest an additional Rs 1,000 crore in the company after acquiring Adani’s stake.

An official announcement is expected at any time, the source said. Adani Capital officials did not comment on the sale.

The Adani Group plans to focus on its core business in infrastructure and prepaid debt – both at the promoter level and at the level of listed entities.

The group is currently engaged in the commissioning of the Navi Mumbai Airport and Ganga Expressway projects. Last week, the Maharashtra government agreed to award a Dharavi redevelopment project to the Adani Group which will require an investment of Rs 20,000 crore. The group is also setting up a copper smelter and a PVC project.

The three companies included in the group – Adani Enterprises, Adani Green Energy and Adani Transmission plan to raise ₹33,000 crore by launching QIPs by the end of the calendar year.