Shapoorji Pallonji Gears Up for Major Investments

The Shapoorji Pallonji group is set to receive over Rs 2,100 crore from global investors led by Deutsche Bank. This comes as the group prepares for a Rs 7,000 crore IPO for Afcons Infrastructure and seeks an extension on debentures payments. The group is focusing on aggressive deleveraging through asset sales.

Engineering and construction giant Shapoorji Pallonji group is on the brink of securing investments exceeding Rs 2,100 crore from a consortium of global investors headed by Deutsche Bank, according to reliable sources.

The global investors involved are already participants in the group's investment venture Goswami Infratech, which also promotes Afcons Infrastructure. Afcons Infrastructure is slated for a Rs 7,000 crore IPO early next month.

The SP Group is also seeking to extend non-convertible debenture payments amounting to Rs 2,100 crore, initially due in September, to December this year. This move aligns with the group's strategy to manage near-term repayments totaling almost Rs 8,000 crore through identified liquidity-generating events, which include the upcoming Afcons Infrastructure IPO and selling off port assets. "A number of global investors in Goswami Infratech Pvt Ltd have agreed in principle to further invest in the SP Group," confirmed an insider.

(With inputs from agencies.)