Privately held conglomerate Shapoorji Pallonji Group is aiming to sign a $3.4-billion debt deal as early as Wednesday evening, in what would be the country’s biggest ever private credit deal, people familiar with the matter said.About 12 large investors, including Ares Management, Cerberus Capital Management, Davidson Kempner Capital Management, and Farallon Capital Management participated in the deal, the people said, who asked not to be identified discussing private matters. Deutsche Bank is also investing, and will act as the sole arranger and the trustee, they added. The deal is a landmark in India’s growing private credit industry, which is getting a boost as PM Modi’s infrastructure push increases funding demands for everything from solar power to roads.Talks are for the three year, zero coupon rupee bond to carry an annual yield of nearly 19.8%, and the loan to value ratio is 16%, the people said. Funds will be disbursed a few days after the deal is signed, they added, and the timing of the signing could change.SP Group didn’t immediately respond to phone and email requests for comment. Deutsche Bank and the investors also did not immediately respond to a request for comment.