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Why is Bain Capital acquiring a majority stake in an Indian shadow bank from Gautam Adani?

In a move to streamline his non-core businesses, billionaire Gautam Adani has agreed to sell the 90% stake held by his family in an Indian shadow bank to Bain Capital, a Boston-based investment firm.

The deal, which encompasses Adani Capital and Adani Housing, was confirmed in a statement released on Sunday.

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