Banks in talks with Shapoorji Pallonji Group to resolve RHFL impasse

An SP group source said the dues from Reliance Home Finance are to a joint venture company and not Shapoorji Pallonji alone

Indian lenders have initiated talks with the Shapoorji Pallonji (SP) Group -- owned by the billionaire Mistry family -- on the latter’s objection to the debt restructuring plan of Reliance Home Finance Ltd (RHFL). Lenders are expecting a breakthrough before the month-end, which will see a debt resolution of Rs 11,000 crore owed by the Anil Ambani-led home finance company.

The Shapoorji Pallonji Group, which has also sought debt restructuring for its own debt worth Rs 30,000 crore, had moved courts, thus stalling the debt resolution process of RHFL. The home finance company owes Rs 200 crore to a SP