Dewan Housing Finance

Founded in 1984 by Rajesh Kumar Wadhawan, Dewan Housing Finance Corporation Ltd. (DHFL) was one of India's leading housing finance companies. Its mission was to provide affordable housing finance to lower and middle-income groups in semi-urban and rural parts of India. The company grew significantly over three decades, offering a range of products including home loans, property loans, and fixed deposits. However, in 2019, the company defaulted on its debt payments, leading to a severe liquidity crisis and revelations of major financial irregularities. The Reserve Bank of India (RBI) superseded its board and initiated insolvency proceedings, making it the first financial services firm to be resolved under India's Insolvency and Bankruptcy Code (IBC). In 2021, Piramal Group's bid to acquire the company was approved, and DHFL was subsequently merged with Piramal Capital & Housing Finance Ltd.