Housing Development Finance Corporation

Housing Development Finance Corporation (HDFC) was an Indian private-sector mortgage lender based in Mumbai.[9] It was widely recognised as the largest housing finance company in India.[10] In addition to its core mortgage lending operations, HDFC had diversified interests through its associate and subsidiary companies, including banking, life and general insurance, asset management, venture capital, and deposit services.

In July 2023, HDFC merged with HDFC Bank, India’s largest private-sector bank. The merger aimed to broaden the group's financial offerings and enhance customer access by leveraging the bank's extensive network and diverse portfolio. This strategic consolidation marked a significant milestone in India's financial services landscape.[11]

History

HDFC was founded in 1977 under the leadership of Hasmukhbhai Parekh, with financial support from India's business community,[12]

Major subsidiaries and associates

location	Mumbai, Maharashtra, India

area served	India

key people	Deepak Parekh (Chairman) Keki Mistry (Vice Chairman & CEO) Renu Sud Karnad (Managing Director)‡R2R‡

products	Mortgage loans

revenue	inr 1529970000000‡R3R‡

revenue year	2023

operating income	inr 321300000000‡R3R‡

income year	2023

net income	inr 261600000000‡R3R‡

net income year	2023

assets	inr 10915280000000‡R4R‡

assets year	2023

equity	inr 2014740000000‡R4R‡

aum	inr 4320840000000‡R5R‡

equity year	2023

num employees	3,226 (2021)‡R6R‡

subsid	HDFC Bank HDFC ERGO HDFC Life HDFC Mutual Fund‡R7R‡ HDFC Credila‡R8R‡

homepage	www.hdfc.com

HDFC's key associate and subsidiary companies included HDFC Bank, HDFC Life Insurance Company, HDFC ERGO General Insurance Company, HDFC Asset Management Company, and HDFC Capital Advisors.[21]

HDFC Bank

HDFC held 26.14% of shares in HDFC Bank. HDFC Bank sources home loans for HDFC for a fee.[22] The key business areas of HDFC Bank were wholesale and retail banking and treasury operations. As of April 2023, its market capitalisation was inr 9413860000000, making it India's third largest publicly traded company.[23]

HDFC Life Insurance Company

HDFC held approx. 48.7% of shares in HDFC Life [24] and was the sole promoter of the company, as of May 2023.[25] In September 2013, it was ranked third in terms of market share of private life insurance companies in India.[21] On the same date, it had a network of approx. 72,000 financial consultants to sell its policies.[21]

HDFC Asset Management Company

HDFC formed HDFC Mutual Fund as a joint venture with Standard Life Investments in 1999. HDFC Asset Management Company was the investment manager of HDFC Mutual Fund's schemes.[26] HDFC held a 52.6% stake and was the sole promoter of the company as of June 2023.[27] HDFC AMC managed 68 schemes comprising debt, equity, exchange-traded fund and fund of fund schemes.[21] Average assets under management (AUM) as at the end of March 2022 was ₹4.07553 trillion. It was ranked third in the industry in India on the basis of average assets under management.

HDFC ERGO General Insurance Company

HDFC formed this general insurance company with ERGO Insurance Group. HDFC held 50.5% and ERGO held 26% of the shares. By the end of September 2013, its market share in general insurance stood at 4.1% (overall) in terms of gross direct premium in first half year of FY 2013–14.[21] The total employee strength of the company as of March 31, 2013 was 1,389.[15]

HDFC Capital Advisors

Established in 2016, HDFC Capital Advisors is a private equity real estate firm. As of April 2023, HDFC holds 90% stake in the company while Abu Dhabi Investment Authority holds the remaining 10%.[28] In 2022, two wholly owned subsidiaries of HDFC, viz. HDFC Property Ventures and HDFC Venture Capital, were merged into HDFC Capital Advisors.[29]

type	Public
traded as	BSE SENSEX constituent NSE NIFTY 50 constituent
isin	isin: INE001A01036
industry	Financial services
foundation	1977
defunct	1
fate	Merged with HDFC Bank‡R1R‡
founder	Hasmukhbhai Parekh

Housing Development Finance Corporation

History

Products and services

Mortgage

Life insurance

General insurance

Mutual funds

Operations

Major subsidiaries and associates

HDFC Bank

HDFC Life Insurance Company

HDFC Asset Management Company

HDFC ERGO General Insurance Company

HDFC Capital Advisors

Former subsidiaries and associates

HDFC Credila Financial Services

HDFC RED

GRUH Finance

Listings and shareholding

Employees

Awards and recognition

See also

External links

References