Mumbai, Apr 20 (IANS): Housing loan major HDFC will sell 10 per cent stake in HDFC Capital Advisors to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

Accordingly, the housing loan major entered into binding agreements to sell 10 per cent of its fully diluted paid-up share capital of HDFC Capital to ADIA's subsidiary for approximately Rs 184 crore.

Notably, ADIA is the primary investor in the alternative investment funds managed by HDFC Capital.

Set up in 2016, HDFC Capital is the investment manager to 'HDFC Capital Affordable Real Estate Funds 1, 2 & 3'; and is aligned with the Government of India's goal to increase housing supply and support the Pradhan Mantri Awas Yojana - 'Housing for All' initiative.

It manages an approximately $3 billion funding platform which has recently been rated as one of the world's largest private finance platforms focused on development of affordable housing.

The funds managed by HDFC Capital provide long-term, flexible funding across the lifecycle of affordable and mid-income housing projects including early-stage funding.

In addition, the funds also invest in technology companies engaged in the affordable housing ecosystem.

"HDFC Capital's target is to finance the development of one million affordable homes in India through a combination of innovative financing, partnerships and technology, whilst focusing on sustainability," the company said in a statement.

"In order to achieve this objective, the company is in active discussions with leading global investors to raise additional funds to be invested in development of affordable and mid-income housing projects in India."