Billionaire Piramal’s Shadow Bank Plans $1 Billion Foreign Debt

Billionaire Ajay Piramal’s Indian shadow lender is looking to raise as much as $1 billion in foreign currency loans this year to meet strong demand for retail credit in the world’s fastest-growing major economy.

Mumbai-based Piramal Finance Ltd. will mainly tap foreign banks and multilateral agencies for the loan, with tenors ranging from three to five years, Chief Executive Officer Jairam Sridharan said in an interview.