Shapoorji Pallonji gets RBI waiver on pvt credit deal

THE SHAPOORJI PALLONJI Group has secured a key regulatory waiver from the Reserve Bank of India (RBI), easing pressure on its landmark $3.4-billion private credit deal and averting an increase in the cost of that borrowing, according to people familiar with the matter.

- ANTO ANTONY & SAIKAT DAS

Sterling Investment Corp, the group's non-banking finance unit, last week received a three-year extension from the banking regulator to meet the capital adequacy norms, the people said, asking not to be identified as the details are private. The extension gives the unit more time to comply with rules on the minimum cash buffers required for India's shadow lenders.