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.

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