Mumbai, July 9 -- BlackSoil Group's non-banking financial company's arm has acquired the solar financing business of Credit Fair, marking its strategic expansion into India's rapidly growing renewable energy sector, a top executive at the company told Mint.

"At BlackSoil, we are trying to deepen our book. While we are very active B2B lenders, we also want to have more retail customer plays. This acquisition is a great opportunity for us to add that lens to our overall business. We are targeting an average loan size of between Rs.3-5 lakh," said Ankur Bansal, managing director of BlackSoil Group.

"As we integrate and scale, we will aim to possibly add larger clients looking for bigger ticket loans," he added.

The acquisition expands Bla...