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SP Group to seal $3 bn refinancing deal with global funds to repay debt
The New Indian Express Tiruchy
|January 31, 2025
THE Shapoorji Pallonji Group, which owns 18.6% in over $30.5 billion worth Tata Sons, is close to sewing up a funding deal with a group of overseas alternative asset managers to refinance its outstanding debt that runs in excess of $3.2 billion.
The group has been trying to raise funds to refinance its mounting debt for quite some time, and was close to line up ₹20,000 crore of funding late last year from state-run Power Finance Corporation (PFC) but the lender backed out at the final stage. Before that its attempts to raise money didn't materialise, forcing it to buy time from creditors after paying interest. A large portion of the debt was maturing last May.
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