By Sagar Patel
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This week, the news came that Shapoorji Pallonji Group company Afcons Infrastructure is going to launch an IPO of Rs 7,000 crore. This also received approval from market regulator SEBI. Now a huge investment of Rs 8,000 crore is going to be made in Shapoorji Pallonji Group. Actually, Global Investment Consortium is going to invest Rs 7,000 crore in this group. This investment can be made for the long term. Moreover, these existing investors also want to stay in the company.
Shapoorji Pallonji Group, some of the global investors in Goswami Infratech Private Limited, have agreed in principle to extend their investment in the company. This development comes after SP Group plans to make a near-term repayment of approximately Rs 8,000 crore through various instruments.
Why does reversal occur?
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SP Group, under the leadership of its Chairman Shapoor Mistry, is pursuing an aggressive deleveraging strategy by undertaking selective monetisation of its assets. The group’s sale agreement with Adani Ports for its port in Gopalpur Odisha recently received the green signal from the Government of Odisha. The SP Group, founded 150 years ago, remains largely private. Now the group is trying to unlock value by listing some of its key companies. Afcons, the infrastructure EPC company of the SP Group, is expected to go public in the coming weeks.
Plan for the next 2 years
The group also aims to float its large real estate business within the next two years. A senior banker who has invested in bonds issued by SP Group said: “We have repeatedly seen the group align its actions with its stated vision. We are excited to see this new phase of SP Group and look forward to increasing our investment with them. A spokesperson for SP Group said: “We are proud to have such highly regarded global investors. We remain committed to the commitments we made to our lending partners as the Group embarks on a new phase of growth.”
I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,
