Tatas, SP explore options on share-swap separation

FROM THE FRONT PAGE

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SP has pledged its entire stake to refinance a mounting debt burden, estimated at ₹60,000 crore, much of which was raised to finance large-scale EPC (engineering, procurement and construction) ventures.

Of the total liabilities, around half has already been refinanced at higher interest rates, escalating repayment pressure. On the other hand, the Tatas realise that a partial exit to SP is the only way out to stop the noise around listing, which it wants to avoid at all costs.