Aadhar Debt (IFC-46197)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 6, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 90.37 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 90.37 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2022

Disclosed by Bank Apr 27, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, the proposed investment comprises an up to 7-year senior debt investment of up to US$75 million in Aadhar Housing Finance Limited (Aadhar). The proceeds will be utilized to extend financing to retail buyers of affordable/green affordable housing units. The Project is expected to provide counter-cyclical support for the housing needs of lower income groups, who have been severely impacted by the disruptions caused by COVID-19, as well as support green housing, which is still underdeveloped in India, particularly in the affordable segment. Subject to internal approvals, the Project may receive support from the Market Accelerator for Green Construction (“MAGC”) Program as discussed in the Blended Finance Section.                                                   

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed project envisages a straight senior loan or non-convertible debenture investment of up to US$90 million equivalent to Aadhar for a tenor of up to 7 years. The proposed financing will be used to provide retail buyers with financing for affordable housing with a focus on the low-income group. A mutually agreed percentage of IFC’s loan proceeds will also be earmarked for green affordable housing.

IFC as implementing entity of theMarket Accelerator for Green Construction (MAGC) Program, is exploring to support the project through Performance-Based incentive (PBI). This blended concessional finance support aims to support Aadhar’s efforts to create a green business line. With the help of this PBI, this new business line would help develop green certified housing units in the affordable residential segment. As part of IFC’s commitment to transparency in the deployment of concessional blended finance resources, potential blended concessional finance support has been and continues to be considered in green building discussions with other banks in the country. Further details and historical information on estimated subsidy levels in IFC’s blended finance portfolio can be found at: www.ifc.org/blendedfinance. As is the case with all of IFC’s blended concessional finance co-investments, this Project will be assessed against the Enhanced Blended Concessional Finance Principles for DFI Private Sector Operations adopted by IFC and more than 20 other DFIs in 2017.Further information on these Enhanced Principles and IFC’s blended finance approach and governance can also be found at: www.ifc.org/blendedfinance.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Aadhar is the largest housing finance company (HFC) focused on the low income housing segment in India in terms of AUM, as of March 31, 2021. The Company was formed with the objective to provide housing finance support towards the Economically Weaker Segments (EWS) and Low-Income groups (LIG) and has remained focused on this segment, which constituted 80% of the Dec-21 portfolio.

Aadhar has grown successfully in the past decade and is backed by a strong sponsor, the Blackstone Group which holds 98.7% of the Company. Currently, Aadhar is in the process of getting listed into the stock markets through initial public offering (IPO). The Company has a strong financial position with an AUM of ~US$1.9 billion, an average ROAA of 3.2% annualized, Gross NPA of 2.25% (includes 0.65% of retail AUM not more than 90 days past due which have been classified as NPA according to the RBI clarification dated November 12, 2021) and capital adequacy of 44.7% at Dec-2021. It is rated AA by CARE Ratings.

Aadhar is headquartered in Mumbai, Maharashtra and has 325 branches spread across 20 states of India.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Aadhar Housing Finance Ltd
Mr. Anmol Gupta
Chief Treasury Officer
802, Natraj by Rustomjee, W.E. Highway and Sir MV Road Junction, Andheri East, Mumbai – 400 069, India


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