Shapoorji Pallonji to raise $2.5 bn via sale of realty and infra stakes
Real Estate

Shapoorji Pallonji to raise $2.5 bn via sale of realty and infra stakes

Shapoorji Pallonji (SP) Group hopes to generate $2.5 billion by selling some of its real estate and infrastructure holdings in order to pay down debt. It intends to sell its shares in Afcons Infrastructure, a business it acquired from ICICI Bank, as well as Gopalpur Ports, a business it acquired from Orissa Stevedores and metal dealer Sara International.

Additionally, it is thinking about selling a portion of its ownership stakes in properties with development areas larger than 100 million sq ft.

Its debt of Rs 210 billion would be paid off using the profits from the asset sale, in addition to being utilised for other things. SP Group declined to respond. It had investigated into listing Afcons Infrastructure on the Indian stock exchanges several years prior. Although the idea received regulatory approvals, it was dropped.

As the business climate has improved, the group, led by Shapoor Mistry, has renewed ambitions to sell Gopalpur Ports. Following the imposition of export taxes by India on certain goods like iron ore, cargo flow at the port was hampered. Subsequently, this tax was dropped.

To lower loan liabilities, it has sold the water purifier manufacturer Eureka Forbes, the Jammu-Udhampur highway asset, Forbes Facility Services, and Sterling & Wilson Renewable Energy. A further $1.3 billion was raised by the 158-year-old business by committing half of its 18.37% ownership in Tata Sons to Farallon Capital and Ares SSG Capital.

Also read:
NBCC appeals bid for the redevelopment of GPRA colony, Sarojini Nagar
Tamil Nadu: TNUHDB unveils new housing development


Shapoorji Pallonji (SP) Group hopes to generate $2.5 billion by selling some of its real estate and infrastructure holdings in order to pay down debt. It intends to sell its shares in Afcons Infrastructure, a business it acquired from ICICI Bank, as well as Gopalpur Ports, a business it acquired from Orissa Stevedores and metal dealer Sara International. Additionally, it is thinking about selling a portion of its ownership stakes in properties with development areas larger than 100 million sq ft. Its debt of Rs 210 billion would be paid off using the profits from the asset sale, in addition to being utilised for other things. SP Group declined to respond. It had investigated into listing Afcons Infrastructure on the Indian stock exchanges several years prior. Although the idea received regulatory approvals, it was dropped. As the business climate has improved, the group, led by Shapoor Mistry, has renewed ambitions to sell Gopalpur Ports. Following the imposition of export taxes by India on certain goods like iron ore, cargo flow at the port was hampered. Subsequently, this tax was dropped. To lower loan liabilities, it has sold the water purifier manufacturer Eureka Forbes, the Jammu-Udhampur highway asset, Forbes Facility Services, and Sterling & Wilson Renewable Energy. A further $1.3 billion was raised by the 158-year-old business by committing half of its 18.37% ownership in Tata Sons to Farallon Capital and Ares SSG Capital. Also read: NBCC appeals bid for the redevelopment of GPRA colony, Sarojini Nagar Tamil Nadu: TNUHDB unveils new housing development

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code