Key Points
Shapoorji Pallonji Group is in talks with lenders including state-run Power Finance Corp., seeking to raise as much as 200 billion rupees ($2.4 billion), according to people familiar with the matter...
The group, controlled by Indian billionaire Shapoor Mistry, has reached out to Power Finance for up to 150 billion rupees, the largest chunk in the planned fundraising, the people said, asking not be identified because the details are private..
The proceeds from the lending, which would likely be a privately placed rupee-bond, will be partly used to refinance debt taken about three years ago by SP Groups main investment vehicle Sterling Investment Corp. against shares in Tata Sons, the holding company of Indias diversified conglomerate Tata Group, the people said..
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