Latest news with #ShapoorjiPallonji
Hans India
20 hours ago
- Business
- Hans India
Tenders finalised for construction of five admin towers in Amaravati
Vijayawada: Minister for Municipal Administration P Narayana said the CRDA meeting led by Chief Minister Chandrababu Naidu on Monday finalised tenders for construction of five administrative towers in Amaravati core capital area. Giving details of CRDA meeting, the Minister said the tender for construction of Rs 882 cr GAD tower bagged by NC Company, Rs 1,487 cr worth HOD towers by Shapoorji Pallonji and Rs 1,304 cr HOD tower by L&T company have been said the concerned companies will start construction work soon. The Minister said the construction of administrative towers will be taken up as per the designs approved during the previous TDP regime. He said 5,000 acres of land was required for the construction of an International Airport in Amaravati and 2,500 acres for Smart Industries Eity and another 2,500 acres for International Sports City. The government is yet to take a decision on whether to acquire land or go for land pooling. He said the government has to acquire 40,000 acres from people. However, farmers are preferring land pooling. The Minister said the constructions in Amaravati capital will be completed in three years.
Reuters
4 days ago
- Business
- Reuters
Private credit's deal desperation lands in India
MUMBAI, May 29 (Reuters Breakingviews) - India's largest-ever private credit deal is a prime example of investors having capital burning a hole in their pockets. Struggling conglomerate Shapoorji Pallonji Group has just sold a 298 billion rupees ($3.5 billion) bond to a group including BlackRock (BLK.N), opens new tab, Ares (ARES.N), opens new tab and Pimco. Lending to financially challenged companies is where the fast-growing industry cut its teeth. But with around a quarter of assets in private credit providers' portfolios sitting idle, per BNP Paribas, the hoops all sides are jumping through to get this deal done smacks of desperation. For starters, it's a zero-coupon bond, meaning the issuer pays no interest. That's useful for SP Group. Granted, operating profit at the group's flagship company covers twice its interest bill for the six months to the end of September. That's a big improvement from four years ago, per rating agency ICRA. But last year, the state-backed Power Finance Corporation declined, opens new tab its borrowing request, and rates on another unit's bonds rose after it missed deadlines for asset sales. The bondholders make their money – a 19.75% yield – by buying the debt at a discount to face value and holding it until it matures in three years' time. They don't seem overly confident the borrower will stay out of trouble, as the terms include not one, not two, but three different layers of protection. First, SP Group must pay back part of the debt if it sells certain assets. Second, its real estate business is providing a 100% guarantee on the paper. Even that's not enough. As a third level of defence for its creditors, the issuer has agreed to stump up as collateral 9% of Tata Sons, around half its holdings in the company which owns large stakes in Tata Consultancy Services ( opens new tab, Tata Motors ( opens new tab and more. That pledged chunk could be worth between $8 billion and almost $19 billion, based on research by analysts at wealth manager Spark last year that factors in how much of a discount is applied to the unlisted company's various public investments. Trouble is, it's not certain that Pimco and partners, which also include Farallon Capital Management and Deutsche Bank ( opens new tab, would be able to get their hands on SP Group's portion: Tata Trusts, which is Tata Sons' controlling shareholder, insists the stock is not "freely transferable". Despite their evident trepidation at SP Group's ability to repay them, the bondholders will be hoping they won't need to put that to the test. Follow Shritama Bose on LinkedIn, opens new tab and X, opens new tab.
Bloomberg
5 days ago
- Business
- Bloomberg
India's Shapoorji Closes $3.4 Billion Record Private Credit Deal
Indian real estate and construction conglomerate Shapoorji Pallonji Group has completed a $3.4 billion financing in the country's biggest ever private credit deal, according to people familiar with the matter. About a dozen large investors — some using multiple funds — bought zero-coupon rupee bonds that offer a yield of 19.75%, the people said, asking not to be identified because the information is private. The debt matures in three years.
Bloomberg
25-05-2025
- Business
- Bloomberg
Record India Private Credit Deal Hinges on Tricky Collateral
By , Saikat Das, and Divya Patil Save On the surface, India's record-breaking private credit deal is a milestone for the market. The real estate and construction conglomerate Shapoorji Pallonji Group has signed a $3.4 billion private financing, the largest ever in India. Investors are being rewarded with a 19.75% yield, an attractive loan-to-value ratio, and a rare opportunity to put a large amount of capital to work in one of the world's hottest markets.
News18
25-05-2025
- Business
- News18
From Rs 1.25 Lakh Salary To Food Delivery: Zomato Rider's Inspiring Story Of Resilience, Integrity
Last Updated: A Zomato delivery rider in Pune, once a construction supervisor, corrected a Subway order mistake. Despite his disabilities, he declined compensation. A routine food delivery in Pune has become an inspiring story of kindness, resilience, and humanity, earning widespread praise and admiration on social media. Shripal Gandhi shared a heartwarming story on Facebook about how a simple Subway lunch order turned into a profound life lesson, leaving a lasting impact on him. 'When the order arrived, I could tell just by looking at the packet — only the sandwich had made it," Gandhi wrote. He informed the delivery partner that the chips and cookies were missing. The rider, who appeared hesitant and unsure, replied humbly, 'Sir, please call the restaurant or Zomato." Gandhi contacted Subway, which apologised for the mistake and offered to send the delivery rider back for Rs 20. However, there was a catch: delivery partners aren't obligated to return to the restaurant unless Zomato instructs them, as the platform pays them, not the restaurant, making extra trips voluntary. Yet, this particular delivery agent didn't hesitate. 'Sir, it's my responsibility. I want the customer to be happy," he told Gandhi. The delivery rider went out of his way to return with the missing items, handed them over with a smile, and declined the Rs 20 compensation, saying, 'God has given me so much, why take money for someone else's mistake?" The rider opened up about his past. Once a construction supervisor, climbing the corporate ladder at Shapoorji Pallonji, he earned Rs 1.25 lakh per month. But a car accident changed the course of his life. His left hand and leg were paralysed. He lost his job, his stability, and for a time, his hope. 'Zomato changed that," he told Gandhi. 'They gave me a job. A chance. A purpose." He added, 'Sir, Zomato kept my family alive. I may be handicapped, but I've been given an opportunity. I will never let Zomato's name be affected." The delivery rider, whose name Gandhi didn't mention, revealed that his daughter is currently pursuing dentistry. 'He rides not just for income, but to keep her dream alive. He didn't blame life. He didn't complain. He didn't give excuses. He smiled, believed in Swami Samarth (his faith), and said: 'God is with me. Why should I worry?" As Gandhi concluded his post, 'Today I received a sandwich. But what stayed with me… was gratitude, resilience, and hope." He thanked Zomato founder Deepinder Goyal and the team, saying, 'You might not realise it, but your decision to hire persons with disabilities is changing lives in the most profound way." The post has since gone viral, drawing admiration and applause from readers. One commenter wrote, 'Salute to such humans…" Another added, 'Wow, awesome and truly inspiring." Others chimed in with remarks like 'Very inspiring story" and 'Thank you, Shripal Gandhi, for sharing this life lesson." First Published: May 25, 2025, 16:13 IST
