India's banking system has spent a decade working through a significant non-performing asset crisis. The consequence for mid-market corporate borrowers has been a prolonged period of extremely conservative lending standards — and a significant opportunity for private credit.
Published by
Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory
30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific.
[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific
For operating companies in India, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure.
The Banking Environment in India
India's public sector banks accumulated enormous non-performing asset books that peaked around 2018–2020. The RBI-mandated resolution process required substantial bank recapitalisation and a fundamental reassessment of corporate lending standards, resulting in a prolonged period of very conservative corporate credit across the PSU banking sector. Foreign-owned businesses and internationally structured entities face additional barriers: FEMA compliance requirements, RBI approval for certain cross-border debt structures, and domestic bank unfamiliarity with international corporate structures.
The Private Credit Opportunity
India's private credit market is one of the fastest-growing in Asia Pacific. Both domestic and international private credit funds have increased their India allocations significantly. Sectors particularly active include real estate development, healthcare and pharmaceuticals, manufacturing, logistics, consumer businesses, and renewable energy and digital infrastructure. Cross-border private credit for Indian businesses, structured through Mauritius, Singapore, or other international holding structures, is well-established and provides access to a broader range of international capital.
GMG Capital Advisory in India
GMG Capital Advisory arranges private credit for Indian-operating businesses through appropriate offshore structures. We understand the specific requirements of India's cross-border debt regulatory framework and maintain relationships with private credit capital providers actively seeking Indian mid-market exposure.
India's private credit market has matured significantly. Experienced international arrangers with established India relationships can structure and close transactions efficiently despite the regulatory complexity.
About GMG Capital Advisory
Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory
Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific.
www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong
The Debt Desk
Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series.
www.gmg.asia | Read all 41 articles in the series
