The US-based investment firm Bain Capital announced on July 23 that it has agreed to buy 90% of Adani Capital and Adani Housing.

Bain will buy out all of the Adani family's private investments in the company under the terms of the agreement.

The deal is expected to be completed in the fourth quarter of this year. The deal's goal is to establish Adani Capital as a separate entity in order to expand its lending operations.

Bain's investment follows other global investments by companies such as GQG, which increased its stake in Gautam Adani's conglomerate by approximately 10% in May.

Gaurav Gupta, who will continue to serve as Adani Capital's Managing Director and CEO, will retain the remaining 10% stake in the company.

"With Bain committing Rs 1,000 crore of capital in the company, we are now equipped to grow 4x from here," Gupta said in a statement.

According to the announcement, the investment firm has committed $120 million for Adani Capital and a $50 million additional liquidity line in the form of Non-Convertible Debentures.

Adani Capital is the non-banking financial arm of the Adani group led by Gautam Adani. In 2017, the company began lending operations.

"I am very happy that a credible investor like Bain is stepping in now, and this will help the business grow manifold from here," Adani group chairman Gautam Adani was quoted as saying.