Introduction
October 2025 marks a significant surge in corporate borrowing among India’s unlisted companies, led by large-scale investments in technology, housing finance, real estate, and renewable energy. At the forefront is Cg Semi Private Limited, securing ₹8,400 crore, indicating a growing strategic push toward semiconductor self-reliance. Close behind, Tata Capital Housing Finance continues to fuel urban and affordable housing demand with ₹5,000 crore in borrowings.
Notably, sectors such as real estate development, clean energy, luxury goods, pharmaceuticals, and power infrastructure have also seen substantial capital inflows. Companies like Darshita Southern India Happy Homes, Landsmill Green Energy, and MSN Pharmachem highlight how infrastructure expansion, green energy transition, and healthcare manufacturing are shaping India’s credit dynamics.
This report provides a comprehensive overview of the top borrowers, their respective sectors, and the financial trends that underscore India’s evolving investment priorities.
Top 10 Borrowers Among Unlisted Companies (by Charge Amount)
| Company Name | Trade Name | Sector | Charge Amount ( ₹ Cr) |
| Cg Semi Private Limited | Cg Semi | Semiconductors | 8400.00 |
| Tata Capital Housing Finance Limited | Tata Capital Housing Finance | Consumer Finance | 5000.00 |
| Darshita Southern India Happy Homes Private Limited | Darshita Southern | Real Estate Management & Development | 1800.00 |
| Landsmill Green Energy Private Limited | Landsmill Green Energy | Renewable Energy | 1646.00 |
| Saurashtra Impex Limited | Saurashtra Impex | Apparel & Luxury Goods | 1600.00 |
| Saurashtra Salt Works Private Limited | Saurashtra Salt Works | Trading Companies & Distributors | 1600.00 |
| MSN Pharmachem Private Limited | MSN Labs | Lifesciences | 1358.00 |
| Bhartiya Rail Bijlee Company Limited | BRBCL | Power Producers and Traders | 1125.00 |
| Tata Teleservices Limited | Tata Teleservices | Data and Telecom Service Provider | 832.00 |
| Shyam Sel And Power Limited | Shyam Sel And Power | Metals & Mining | 735.00 |
✅ Key Takeaways
- Semiconductors take the lead:
Cg Semi tops the list with ₹8,400 Cr, highlighting strong investment and government push toward semiconductor manufacturing in India. - Financial and real estate sectors remain strong borrowers:
Tata Capital Housing Finance (₹5,000 Cr) and Darshita Southern India Happy Homes (₹1,800 Cr) reflect sustained demand for housing finance and real estate development. - Clean energy continues to attract capital:
Landsmill Green Energy secures ₹1,646 Cr, emphasising growing focus on renewable energy and sustainability. - Mid-scale industries show diversified borrowing:
Companies in apparel, trading, pharmaceuticals, and telecom, like Saurashtra Impex, MSN Labs, and Tata Teleservices, indicate widespread credit utilisation across sectors. - Borrowing trends are growth-focused and infrastructure driven:
Most companies are channelling funds into expansion, capacity building, and long-term infrastructure, signalling confidence in the economic outlook.
Conclusion
The borrowing activity in October 2025 highlights a strategic shift toward high-growth and capital-intensive sectors among unlisted companies in India. Cg Semi leads the table with a significant charge amount of ₹8,400 crore, signalling strong momentum in the semiconductor industry and the nation’s push for technological self-reliance. Housing finance, real estate development, renewable energy, and pharmaceuticals follow closely, reflecting broader economic priorities such as infrastructure expansion, clean energy transition, urban growth, and healthcare manufacturing.
The presence of companies from diverse sectors, including consumer finance, apparel, telecom, power, and metals, demonstrates a well-rounded credit appetite across the economy. Overall, the data indicates growing investor confidence and a forward-looking approach, where companies are leveraging debt to scale operations, build capacity, and align with India’s long-term development goals.
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