Abu Dhabi Investment Authority (ADIA) is among the 14 entities competing for a stake in Credila, the education loan unit of India’s Housing Development Finance Corp. (HDFC).

Other suitors are Singapore’s GIC, Blackstone, BPEA EQT (formerly Baring Private Equity Asia), and Warburg Pincus, India’s financial daily Mint said, citing unnamed sources.

Local companies - IndusInd Bank and Kotak Mahindra Bank - are also planning to bid for Credila, one of largest education loan financiers in the country.

ADIA has investments in several Indian lenders, according to the report. In March, India’s Lenskart signed a definitive agreement with ADIA to raise $500 million as the eyewear retailer plans business expansion to new markets.

HDFC selected US investment bank Jefferies Financial Group Inc to manage the sale of Credila and could seek a value of as much as $1 billion, the report said.

The mortgage provider selected US investment bank Jefferies Financial Group Inc to manage the sale of Credila for as much as $1 billion as part of its merger with HDFC Bank, the report said.

HDFC Vice-Chairman and CEO Keki Mistry has said the company is willing to reduce its stake in Credila from 100% to 10%. 

(Editing by Seban Scaria seban.scaria@lseg.com)