From Manipal to Shapoorji, India's private credit party is just getting started. But trouble is brewing

09/07/2025 10 min Episodio 528
From Manipal to Shapoorji, India's private credit party is just getting started. But trouble is brewing

Listen "From Manipal to Shapoorji, India's private credit party is just getting started. But trouble is brewing"

Episode Synopsis


Private credit is having a moment in India. Hardly a week goes by without a blockbuster deal. Whether it’s Deutsche Bank’s $3.4 billion debt package, KKR’s $600 million loan to Manipal, or a fresh round of financing for Shapoorji Pallonji.But beneath the surface, pressure is building.As interest rates fall and competition heats up, yields are tightening. Banks, once sidelined, are eyeing a comeback. They are realising they should once again lend to companies they gave up to non-bank lenders first when their own bad loans shot up to over 11% in the year ended March 2017, and now increasingly to private-credit funds.Tune in. 
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