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PFC declines SP Group's ₹20,000-cr loan proposal
Mint Mumbai
|November 09, 2024
State-run Power Finance Corporation (PFC) has decided not to go ahead with the ₹20,000-crore loan proposal to Shapoorji Pallonji Group (SP), PFC chairman Parminder Chopra said on a call with analysts on Friday.
The board declined to give its nod nearly 10 months after discussions started, potentially derailing the SP group's debt repayment plans.
In the call with analysts, Chopra clarified that the board was not keen on PFC taking a higher exposure to a new sector.
"We have done detailed due diligence. The board has decided that since it's a new sector we may not take a high exposure. We have therefore decided not to go ahead with the sanction of loan," he said.
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