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SP Group to recast Rs 10,900-cr debt under Covid-19 resolution framework

The Tatas moved court a day after the SP Group inked a fund raising deal with the Canadian fund Brookfield for Rs 3,750 crore.

Shapoorji Pallonji
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The proposed debt was to fund the group's core construction business which has been facing liquidity issues following the lockdowns to help contain the coronavirus pandemic.

Press Trust of India
The Shapoorji Pallonji Group, which has decided to exit the Tata group, will restructure Rs 10,900 crore of its debt under the resolution framework for pandemic-related stress, a group official said.

The relief is being sought under the one-time loan restructuring plan approved by the Reserve Bank after it accepted the KV Kamath panel report, which allows financially stressed companies to recast their debt for two years, the official said.

"Shapoorji Pallonji Construction (SPCPL), the holding company of the 150-year-old Shapoorji Pallonji Group, wants to restructure Rs 10,900 crore of their debt through the one-time loan restructuring under the COVID-19

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First Published: Sep 25 2020 | 7:55 PM IST

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