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Mumbai, Shapoorji Palanji (SP) Group is looking to raise around $2.5 billion by selling some of its infrastructure and real estate assets to reduce debt. plans to sell stake in afcons infrastructureacquired from a company ICICI BankAnd Gopalpur Portproperty acquired from metal trader Sarah International and Mahimanand Mishra, entrepreneur of Orissa stevedores.
It is also looking at selling part of its interests in real estate properties with a development size of over 100 million sq ft.
The asset-monetization proceeds will be used to reduce its Rs 21,000 crore debt and for other purposes. SP Group declined to comment. Many years ago, looked for this list afcons infrastructure on the Indian Stock Exchanges. Despite receiving regulatory approval, the proposal was shelved.
Shapoor Mistry-led group revives plan to sell Gopalpur Port Because the business environment has improved. Cargo movement at the port was affected after India imposed export duties on certain items such as iron ore. Later this tax was abolished.
The more than $4 billion conglomerate – which built the Sultan of Oman’s palace and the Atal Tunnel, the world’s longest highway tunnel above 10,000 feet – is weighing various fundraising options to improve leverage metrics as interest grows. Rates add to its challenges.
It had divested water purifier maker Eureka Forbes, Jammu-Udhampur Highway Assets, Forbes Facility Services and Sterling & Wilson Renewable Energy to reduce debt obligations. Additionally, the 158-year-old conglomerate raised $1.3 billion by pledging half of its 18.37% stake in Tata Sons with Farallon Capital and Ares SSG Capital.
These moves helped SP get out of the RBI’s Covid loan-restructuring scheme, which did not have to make any cuts to lenders ahead of time. SP and related parties still hold a 33% stake in Sterling & Wilson Renewables, which they plan to exit in the future. Majority-owned by Reliance Industries, the renewables company has a market cap of Rs 7,000 crore.
Apart from fresh asset sale plans, SP is also raising $1.75 billion by pledging its remaining Tata Sons stake. It is in the midst of conducting roadshows in Singapore and Hong Kong with foreign fund managers.
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