MUMBAI: Adani Group plans to sell 90 per cent stake in its financial services business to US private equity firm Bain Capital for Rs 1,440 crore.
The company has been valued at Rs 1,600 crore with the management led by CEO Gaurav Gupta holding 10 per cent stake in the company. Gupta will remain with the company. Bain Capital will invest an additional Rs 1,000 crore in the company after acquiring Adani’s stake, said a banking source.
An official announcement is expected any time, the source said.Adani Capital officials did not comment on the sale.The Adani group plans to focus on its core business of infrastructure and prepay debt — both at the promoters level and at the listed entities level.
