Key Points
The late Cyrus Mistry's sons - Firoz (27) and Zahan (25) - have been appointed directors at one of two holding units of the currently reorganising Shapoorji Pallonji (SP) Group, as the next generation takes on leadership roles..
Shapoorji Pallonji Co Ltd (SPCL), which also officiated as the promoter holding company over a period of time, will become a purely construction-oriented company...
The promoters will now focus on driving key strategic decisions, including capital allocation, executives close to the development said.. Previously, SPCL had ended up owning all group liabilities for businesses that had different operational and financial requirements..
The reorganisation at SP Group comes after the conglomerate sold a few of its businesses - including Eureka Forbes and Sterling & Wilson Renewable - and paid back 12,500 crore in 2022 to creditors without a haircut, as part of a one-time resolution deal during the pandemic..
Afcons, a group company, is likely to go in for an initial public offer and stake sale, executives close to the development said.. SP Group will focus on expanding its engineering and construction, infrastructure, real estate, water, energy and financial services businesses..
