India’s Shapoorji Closes $3.4 Billion Record Private Credit Deal

India’s Shapoorji Closes $3.4 Billion Record Private Credit Deal

Indian real estate and construction conglomerate Shapoorji Pallonji Group has completed a $3.4 billion financing in the country’s biggest ever private credit deal, according to people familiar with the matter.

Private credit’s deal desperation lands in India

Investors including BlackRock and Ares will be paid no interest on struggling conglomerate Shapoorji Pallonji's $3.5 bln bond. And their layers of protection include collateral they might not be able to get their hands on. It's a result of capital burning holes in their pockets.