Private equity investors BPEA EQT and ChrysCapital, completed the acquisition of a 90% stake in HDFC Credila, a loan agency, from HDFC, a banking and financial services company, for $1.1bn. "The demand in India for obtaining a higher education is growing at a faster pace than ever, accelerated by our country's growing middle class and students' strive for better career opportunities. Coming out of HDFC Group, one of India's most respected and well-established financial conglomerates, HDFC Credila plays a critical part in serving this demand. We have been following HDFC Credila for several years and we are excited to partner with its strong management team led by Arijit Sanyal. We also welcome HDFC Group's decision to retain a minority stake in the business and we see their continued support as a testament to our vision for the company," Jimmy Mahtani, BPEA EQT India Partner.