MUMBAI: The Carlyle Group has acquired a 9 per cent stake in India Infoline Ltd, the flagship company of India Infoline Group (IIFL), through secondary market purchase of equity shares.

Carlyle becomes a key institutional shareholder in IIFL and will be invited to join its board of directors to support its future development, subject to necessary approvals.

The acquisition cost is not disclosed.

The investment was made by Carlyle Mauritius Investment Advisors Limited, a part of Carlyle Asia Partners (CAP), one of the largest private equity investors in Asia since 1998. CAP has five major investments in the financial services industry in the region encompassing banking, insurance and housing finance businesses, including HDFC in India.
 
IIFL chairman Nirmal Jain said, "We are delighted to welcome Carlyle, a globally renowned fund, as a shareholder and partner in our growth. Carlyle has made a number of successful investments in financial institutions and has always shown a long-term orientation. We hope to leverage our relationship with Carlyle to continuously grow and expand internationally."