The new company will focus on corporate lending, structured and mezzanine finance, promoter funding, and debt exposures to industries like real estate and infrastructure, the Economic Times newspaper reported, citing financial market sources.
According to the report, Vimal Bhandari, who has quit as country head of AEGON India, will be the MD & CEO of the new company.
Former Merrill Lynch director Sandeep Baid will also join the new firm.
Goldman Sachs, which already has an NBFC subsidiary in the country, will invest in the new firm through one of its private equity funds.
The non-banking finance company will start with EUR158m in equity capital.
According to the Economic Times report, Baer Capital and ACP are among other PE funds to participate in the new venture.
