Mistry plans to sell road, solar power plant assets to cut Rs 4000-cr debt

Tycoon Mistry Plans Asset Sales to Cut $558 Million Debt

India’s Shapoorji Pallonji Group is looking to sell its solar power plants and road assets to reduce debt by as much as Rs 4,000 crore ($558 million), a person with direct knowledge of the matter said.

The 154-year-old group, controlled by the reclusive billionaire Pallonji Mistry and his family, expects the deals to be clinched by March next year, the person said, asking not to be identified as the discussions with prospective investors are private. A spokesman for the Mumbai-based conglomerate declined to comment on asset sales or the total group debt.

The property developer, which has diversified into businesses