PE-VC Fund Investments
Construction-focused Shapoorji Pallonji Group raises $1.6 B in private credit
Construction conglomerate Shapoorji Pallonji Group has raised about INR 15,100 Cr (USD 1.6 B) in one of the country's largest private credit transactions. The fundraising round saw participation from InCred Capital Financial Services, DSP Finance, and IIFL Capital Services, alongside global investors Farallon Capital Management, Davidson Kempner Capital Management, and Cerberus Capital Management. Deutsche Bank served as the sole arranger for the transaction, which included both dollar and rupee tranches.Founded in 1865 by Pallonji Mistry, the company operates across engineering, construction, infrastructure, real estate, water, energy, and financial services in more than 40 countries. It plans to use the new funds to refinance INR 15,500 Cr of debt held by Goswami Infratech, which issued three-year zero-coupon rupee bonds. The debt is backed by shares in group firm Afcons Infrastructure and Tata Sons.This transaction is part of a larger planned capital raise of INR 255 B by the group. The firm intends to seek an additional USD 350-M in debt over the next six months. The bond agreement requires the company to repay INR 135 B within 24 months.
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