Shapoorji Pallonji Group to raise $2 billion via asset sale in engineering firm: Report

Mumbai: Shapoorji Pallonji Group, owned by billionaire Shapoor Mistry, is contemplating the sale of assets, including a controlling stake in its primary engineering company, that is expected to generate around $2 billion, Bloomberg reported citing sources.

IBNS • 12 Apr 2023, 12:30 am

The report said citing unnamed sources that the group is collaborating with an adviser to land suitable buyers for its holdings in Afcons Infrastructure Ltd., a construction company focused on infrastructure projects and headquartered in Mumbai.

The company is also reportedly considering the sale of certain ports. One of these ports is believed to be the Gopalpur Port located on the east coast of India, said the report.

SP Group has a rich history that dates back to 1865. The company has worked on numerous projects in Asia, including luxury hotels, stadiums, palaces, and factories. Examples of the company's notable works include the Reserve Bank of India building and the Tower Wing of the Taj Mahal Palace Hotel in Mumbai.

Afcons Infrastructure Ltd., the company that SP Group is considering selling, specializes in engineering and construction projects that range from marine infrastructure to tunnels, bridges, and roads.

The company has completed projects in over 25 countries across Asia, Africa, and the Middle East, as per its website.