SP (Shapoorji Pallonji)Group has commenced talks with foreign investors to raise up to Rs 4,000 crore as debt to be paid to Indian lenders. This is seen as a last-ditch effort by the Indian conglomerate to circumvent the non-performing asset (NPA) label by March-end.
The group has already placed its three assets on the block. The move by SP & Company (SPCPL) — the flagship company of SP Group — comes at a time when banks are discussing its one-time restructuring (OTR) application. A banker said SP Group is in talks with SSG Capital and other institutions to raise funds till its OTR gets clearance.
SP Group’s earlier attempts to raise funds from Toronto-based Brookfield Asset Management Inc. were nixed by Tata Group. Tata Group had said SP Group cannot give its holding company, Tata Sons, shares as collateral without its permission and had moved to Supreme Court.
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