SP group seeks 2-year debt moratorium, interest converted to loan

Total group borrowings amount to over Rs 25,000 cr, flagship alone has Rs 23,500 cr of debt

The Shapoorji Pallonji Group has sought a two-year debt repayment moratorium  from its lenders as the real estate sector and its mainstay construction business is undergoing a slowdown due to the Corona pandemic. 

The group has asked lenders to extend principal repayments by two years as per the recommendations of the KV Kamath panel appointed by the RBI to help Corona-hit companies and regard outstanding interest as capitalised or converted to FITL-I (funded interest term loan). It also asked for interest on all the facilities till September 30, 2021 to be converted to FITL–II.  

The group flagship, Shapoorji Pallonji Corporation