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

14 Apr 2023 CW Team

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

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..