Mistry plans to sell road, solar power plant assets to cut Rs 4000-cr debt
India’s Shapoorji Pallonji Group is looking to sell its solar power plants and road assets to reduce debt by as much as Rs 4,000 crore ($558 million), a person with direct knowledge of the matter said.
The 154-year-old group, controlled by the reclusive billionaire Pallonji Mistry and his family, expects the deals to be clinched by March next year, the person said, asking not to be identified as the discussions with prospective investors are private. A spokesman for the Mumbai-based conglomerate declined to comment on asset sales or the total group debt.
The property developer, which has diversified into businesses ranging from water purifiers to ports, is seeking to bolster its balance sheet and credit ratings amid a prolonged realty slump and a shadow-banking crisis that’s made funds dearer. Rating companies downgraded the group’s unlisted flagship firm Shapoorji Pallonji & Co., along with some units, late last year, citing weakness in its core real-estate business and slow progress in asset sales.
