INDIA Trends and Developments Contributed by: Tirthankar Datta, JSA Advocates & Solicitors
• the exclusion of accredited investors from investor count for the 1,000-investor cap; • an exemption from the National Institute of Securi - ties Markets certification requirement for the man - ager’s key investment team; • tenure extension flexibility (up to five years with investor approval); • an exemption from the pari passu rights require - ment; and • permitting the manager to discharge trustee responsibilities (no separate trustee is required). These amendments create a lighter-touch regulatory regime for funds catering exclusively to sophisticated investors, lowering entry barriers for fund launches and scaling private market strategies (including pri - vate credit). Key deals and the road ahead Notable deals include the following. • Greenko Energy raised USD800 million in private credit from lenders led by Temasek-backed Clif - ford Capital and BlackRock to acquire ORIX’s 20% stake in Greenko. • Brookfield India Real Estate Trust raised INR2,000 crore through its sustainability-linked bonds, with the International Finance Corporation as an anchor investor. • Renew Exim DMCC (an offshore Adani Group promoter entity) raised USD750 million via a private bond placement, with BlackRock. These bonds were used to finance Adani’s acquisition of ITD Cementation India, making this a major offshore private credit transaction backing infrastructure M&A. • Vedanta Resources Ltd raised USD500 million via a bond issuance in October 2025 to refinance near- term liabilities, including repayment of a previous USD550 million private credit facility provided by private credit investors.
The high-value foreign direct investment inflows and dramatic foreign portfolio investor investment in India’s stock markets have always captured the public imagination, and private credit has managed to evoke similar attention. The burgeoning private credit deal values, high level of complexity and quickly evolving regulatory landscapes have brought new players into the private credit ecosystem, and are promising to ensure that private credit remains a space to watch out for in India.
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