An arm of the Abu Dhabi’s state investor, Abu Dhabi Investment Authority (ADIA), is acquiring a 10% stake in a unit of India's housing finance firm HDFC Ltd. for 1.84 billion rupees ($24.09 million).

In a filing on Wednesday on India's National Stock Exchange where its shares trade, HDFC said ADIA is also the principal investor in the alternative investment funds managed by its wholly-owned subsidiary HDFC Capital.

HDFC Capital manages an approximately $3 billion funding platform, focused on development of affordable housing. It plans to finance the development of one million affordable homes in India and is in discussions with global investors to raise additional funds to invest.

Mohamed AlQubaisi, Executive Director of the Real Estate Department, ADIA, said the deal "builds on our successful investments in the H-CARE funds and underlines our belief in the positive long-term outlook for affordable and mid-market housing in India.” 

(Reporting by Brinda Darasha; editing by Seban Scaria)