Shapoorji Pallonji divesting more assets to pare debt after downgrades

154-year-old Shapoorji Pallonji group is in process of divesting more assets

Reclusive billionaire Pallonji Mistry is trying to offload more assets and pay down debt after some of his companies had their debt ratings cut late last year.

Ratings on debt instruments of at least five companies in the 154-year-old Shapoorji Pallonji Group were cut in the last two months. The conglomerate’s businesses range from construction to real estate and financial services.

“We are in the process of divesting more real estate assets and raising funds,” a group spokesman said in reply to questions. “We are hopeful about restoring the ratings.”

Doing so may be key to avoiding higher refinancing costs ahead. Rupee borrowing