JSA Advocates & Solicitors has advised global investment firm EQT on its $210 million acquisition of Indostar Home Finance, an Indian affordable housing finance company, which was represented by Cyril Amarchand Mangaldas and Samvad Partners.
The Indian housing finance market is currently valued at more than 30 trillion rupees ($357 billion), according to CRISIL. The segment has recorded strong growth driven by government support, rising affordability, and urbanization. However, there remains a significant shortage of housing in the country, with India’s mortgage-to-GDP ratio at 12.3 percent compared to more than 60 percent for developed countries like the USA and UK.
As part of the acquisition strategy, EQT intends to invest an additional 5 billion rupees in primary capital to drive IndoStar Home Finance’s growth further, which includes expanding its operational footprint across India and enhancing digital capabilities.
“Retail lending is a key investment theme for EQT within financial services in India. India’s affordable housing finance sector represents a long-term growth opportunity supported by secular demand drivers, favourable government policies and resilient asset quality across economic cycles," said Ashish Agrawal, partner in the EQT Private Capital Asia advisory team, in a statement.
The JSA team was led by partners Vikram Raghani and Anand Lakra. They were supported by partner Akshay Bhargav, principal associate Ami Shah, senior associates Jinay Shah and Anamika Ballewar, and associates Diya Dave, Ishan Saxena, and Samika Pachouly, along with company secretary Niki Shah.
Partners Pratish Kumar and Sumitava Basu (banking and finance), Yajas Setlur (data privacy), Vaibhav Choukse and Ela Bali (antitrust) assisted on the deal.
The CAM transaction team was led by partner Anchal Dhir, supported by principal associate Shubham Rastogi, senior associate Aman Deep Borthakur, and associates Mahin Rai, Samraddhi Shetty, Aanchal Jain, Muskaan Desai, Pramit Pandey, and Kriti Jain.
