India's Shapoorji Pallonji Group on Monday completed one of the country's largest private credit transactions, raising around 151 billion rupees ($1.6 billion), according to people familiar with the matter.

The deal signals that domestic investors remain willing to fund large leveraged deals despite volatile global markets. This transaction stands out as one of India's biggest private credit deals in recent years.

The fundraising comes at a time when global credit markets have tightened, making the strong domestic appetite particularly noteworthy. Investors' participation underscores confidence in the conglomerate's creditworthiness.

Market participants say the successful closure could pave the way for more large-scale private credit issuances from Indian corporates seeking alternatives to traditional bank financing.