Shapoorji Pallonji (SP) Group has commenced talks with foreign investors to raise up to Rs 4,000 crore as debt to be paid to Indian lenders. This is seen as a last-ditch effort by the Indian conglomerate to circumvent the non-performing asset (NPA) label by March-end.
The group has already placed its three assets on the block. The move by SP & Company (SPCPL) — the flagship company of SP Group — comes at a time when banks are discussing its one-time restructuring (OTR) application. A banker said SP Group is in talks with SSG Capital and other institutions to raise funds