SP Group firm to raise $1 billion to repay debt, fund India operations

Armada 98/2 Pte had raised Rs 6,600 cr from Indian banks to fund its operations off the coast of Andhra Pradesh to ONGC

Singapore-based Armada 98/2 Pte, a company 70 per cent owned by Shapoorji Pallonji Group (SP Group) and 30 per cent by Bumi Armada Berhad, is tapping into international markets to raise up to $1 billion. The proceeds will be used to repay old debt and fund India operations, informed banking sources.

The company had earlier raised about Rs 6,600 crore from Indian banks to finance its charter operations off the coast of Andhra Pradesh to Indian oil major Oil and Natural Gas Corporation (ONGC).

The loans will have maturities between 7 years and 10 years, said bankers.

“Armada has an