22 March 2024 – The Power Finance Corporation is among the many companies with which the Shapoorji Pallonji Group (SP Group) is in discussions to refinance or raise around Rs 20,000 crore. According to those familiar with the situation, talks are also ongoing with international alternative investment firms Cerberus Capital Management and Davidson Kempner Capital Management. Since the loan repayments are due in May, the group plans to publicly launch the fundraising drive in the next seven to ten days.
By guaranteeing its ownership of Tata Sons, the investment holding company of the conglomerate Tata Group, SP Group was able to take on the debt in 2021. Tata Sons is owned by SP Group’s investment vehicle, Sterling Investment Corporation (SICPL), to the tune of 9.1%.
A group of strategic investors is in talks with Sterling and Wilson (S&W), the engineering, procurement, and construction subsidiary of SP Group, to fund Rs 700 crore through the sale of a stake in its data center business.
Conclusion
S&W is completing 5 MW in Saudi Arabia, 10 MW for a hyperscale in Hyderabad, and 3 MW for a customer in the African nations of Angola and the Democratic Republic of the Congo. It anticipates more projects in India, Egypt, the United Arab Emirates, Kenya, Tanzania, and Nigeria.