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 Transport

07 Apr 2026

Tunnelling Begins for Thane, Borivali twin tunnel project

Tunnelling work has commenced for the 11.84-km Thane–Borivali Twin Tunnel, set to be India’s longest urban road tunnel, marking a key milestone in Mumbai’s infrastructure development.As per a post shared by Mumbai Metropolitan Region Development Authority on social media platform X, the tunnel boring machine (TBM) ‘Nayak’—the country’s largest single-shield hard rock TBM for an urban tunnel—was launched by Devendra Fadnavis on Tuesday. The event was attended by Eknath Shinde and Sunetra Pawar, among other dignitaries. A second TBM, ‘Arjuna’, is expected to be launched so..

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..