Billionaire Ajay Piramal's Indian shadow lender is looking to raise as much as $1 billion in foreign currency loans this year to capitalize on strong demand for retail credit in the world's fastest-growing major economy. The funding would support the company's expansion in India's rapidly growing consumer lending market.

Foreign currency borrowing has become increasingly attractive for Indian shadow banks as domestic interest rates remain elevated compared to international markets. Piramal's lending arm joins a growing list of non-bank financial companies seeking offshore funding to capitalize on the retail credit boom sweeping across India.

India's economy has outpaced all other major economies in growth rates, driving insatiable demand for personal loans, mortgages, and consumer financing. The move signals confidence in India's credit market recovery following regulatory tightening that reshaped the shadow banking sector several years ago.