21 March 2024 – According to persons familiar with the situation, Shapoorji Pallonji Group is in discussions with lenders, including the state-run Power Finance Corp., in an effort to raise as much as 200 billion rupees ($2.4 billion).
The persons who asked not to be named because the information is private claimed that the consortium, backed by Indian billionaire Shapoor Mistry, has approached Power Finance for up to 150 billion rupees, the largest portion of the proposed financing. They said that there are still talks going on and that the loan terms could alter.
According to the people, it’s also measuring interest from Cerberus Capital Management LP and Davidson Kempner Capital Management. As to a note published by rating agency CareEdge, Sterling has a 9.1% ownership position in Tata Sons.
Conclusion
When Bloomberg News contacted Shapoorji Pallonji Group about the fund-raising scheme, they did not respond right away. Davidson Kempner opted not to respond. Requests for comment from Cerberus and Power Finance were not answered. India’s largest low-rated local currency bond raised 143 billion rupees last year through Goswami Infratech Pvt., another company in the SP Group.
