Latest news with #ShapoorjiPallonjiGroup
Time of India
3 days ago
- Business
- Time of India
Shapoorji Pallonji Group secures $3.4 billion in private credit deal
MUMBAI: 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. Top investors include Ares Management Corp , Cerberus Capital Management , Davidson Kempner Capital Management and Farallon Capital Management, people said. Deutsche Bank acted as the sole arranger of the deal and also invested in it. Deutsche invested about $900 million and will down-sell a portion of the debt, the people said, adding that Cerberus and Davidson bought about $475 million and $425 million worth of bonds, respectively. Indian investors also participated in the deal, with ASK Wealth Advisors and some family offices buying a portion of the offering, the people said. EAAA India Alternatives Ltd., one of the country's largest domestic private credit funds, bought about $85 million of the bonds, said one of the people. The financing is a landmark in India's growing private credit industry, which is getting a boost as Prime Minister Narendra Modi's infrastructure push increases funding demands for everything from solar power to roads. A representative for Shapoorji didn't immediately respond to requests for comment outside of normal business hours. Davidson Kempner declined to comment. Ares, Cerberus, Farallon, EAAA and ASK did not immediately reply to Bloomberg's requests seeking comments.
Economic Times
3 days ago
- Business
- Economic Times
Shapoorji Pallonji Group secures $3.4 billion in private credit deal
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: 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 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 investors include Ares Management Corp , Cerberus Capital Management, Davidson Kempner Capital Management and Farallon Capital Management, people said. Deutsche Bank acted as the sole arranger of the deal and also invested in invested about $900 million and will down-sell a portion of the debt, the people said, adding that Cerberus and Davidson bought about $475 million and $425 million worth of bonds, investors also participated in the deal, with ASK Wealth Advisors and some family offices buying a portion of the offering, the people said. EAAA India Alternatives Ltd., one of the country's largest domestic private credit funds, bought about $85 million of the bonds, said one of the financing is a landmark in India's growing private credit industry, which is getting a boost as Prime Minister Narendra Modi's infrastructure push increases funding demands for everything from solar power to roads.A representative for Shapoorji didn't immediately respond to requests for comment outside of normal business hours. Davidson Kempner declined to comment. Ares, Cerberus, Farallon, EAAA and ASK did not immediately reply to Bloomberg's requests seeking comments.
Time of India
3 days ago
- Business
- Time of India
Shapoorji Pallonji Group secures $3.4 billion in private credit deal
Shapoorji Pallonji Group has secured $3.4 billion in financing through a private credit deal, marking the largest of its kind in India. The zero-coupon rupee bonds, yielding 19.75% and maturing in three years, attracted major investors like Ares Management, Cerberus Capital, and Deutsche Bank. This deal highlights the growth of India's private credit sector, driven by increased infrastructure demands. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: 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 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 investors include Ares Management Corp , Cerberus Capital Management, Davidson Kempner Capital Management and Farallon Capital Management, people said. Deutsche Bank acted as the sole arranger of the deal and also invested in invested about $900 million and will down-sell a portion of the debt, the people said, adding that Cerberus and Davidson bought about $475 million and $425 million worth of bonds, investors also participated in the deal, with ASK Wealth Advisors and some family offices buying a portion of the offering, the people said. EAAA India Alternatives Ltd., one of the country's largest domestic private credit funds, bought about $85 million of the bonds, said one of the financing is a landmark in India's growing private credit industry, which is getting a boost as Prime Minister Narendra Modi's infrastructure push increases funding demands for everything from solar power to roads.A representative for Shapoorji didn't immediately respond to requests for comment outside of normal business hours. Davidson Kempner declined to comment. Ares, Cerberus, Farallon, EAAA and ASK did not immediately reply to Bloomberg's requests seeking comments.
Time of India
24-05-2025
- Business
- Time of India
Donald Trump expands tariff threat to Apple, says 'Okay to go to India, but you're not going to sell in US without tariffs'
Photo/Agencies US President Donald Trump said on Friday (local time) Apple is free to build factories in India, but warned that if it does so, the company will face tariffs when selling its products in the United States. Trump made these comments on Friday while signing executive orders related to nuclear energy in the White House's Oval Office. He referred to a conversation with Apple CEO Tim Cook. "...But I had an understanding with Tim (Cook) that he wouldn't be doing this. He said he's going to India to build plants. I said, 'That's okay to go to India, but you're not going to sell into here without tariffs.' And that's the way it is," Trump said. He added, "We're talking about the iPhone. If they're going to sell it in America, I want it to be built in the United States." Trump threatened not only Apple but also other smartphone manufacturers with a 25 per cent tariff unless their devices are built in the United States. Trump initially said the tariff would apply only to Apple -- an unusual move to single out a specific company in trade policy. However, he later expanded the threat to include all smartphone makers. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like DLF Privana New launch 2025 | Luxurious 4 BHK & Penthouse Shapoorji Pallonji Group Enquire Now Undo "It would be also Samsung and anybody that makes that product, otherwise it wouldn't be fair," Trump told reporters in Washington, adding that the new tariffs would take effect by the "end of June." Earlier the same day, Trump posted on social media about the issue, saying iPhones sold in the US should be made domestically. He also warned of a 25 per cent tariff if Apple does not follow this. "I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else. If that is not the case, a Tariff of at least 25 per cent must be paid by Apple to the US. Thank you for your attention to this matter!" he said in the post. Trump threatens Apple with a 25% tariff if it doesn't build iPhones in America This is not the first time Trump has spoken about Apple's production plans. During his recent trip to Doha, he said he had asked the Apple CEO not to expand manufacturing in India and to focus instead on building in the US. "We have Apple, as you know, that's coming in, and I had a little problem with Tim Cook yesterday," Trump said in Doha while addressing business leaders. "I said to him, 'Tim, you're my friend. I treated you very good. You're coming here with USD 500 billion but now I hear you building all over India. I don't want you building in India. You can build in India if you want to take care of India because India is the highest, one of the highest tariff nations in the world. It's very hard to sell into India. And they've (India) offered us a deal where, basically they're willing to literally charge us no tariff,'" he said. Meanwhile, earlier in May, Cook had said during Apple's Q2 2025 earnings call that existing tariffs are determined by the country where the product is made. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
16-05-2025
- Business
- Economic Times
India is hot trade again as investors chase Trump-era winners
The Nifty 50 index reached its highest point since October. Optimism surrounds a potential US-India trade deal. Corporate India is attracting global investors with significant debt deals. Favorable macroeconomic conditions and a dovish stance from the Reserve Bank of India are boosting the market. Global fund managers are increasingly favoring Indian shares. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The NSE Nifty 50 Index surged to its highest level since October this week, fueled by optimism that India could be among the first to strike a deal with the US following upbeat comments by Trump. Corporate India has seized the momentum: Shapoorji Pallonji Group secured a $3.4 billion private credit deal, and Reliance Industries Ltd. locked in a $2.98 billion-equivalent loan, underscoring the rising appeal of the nation's corporate debt to global this renewed enthusiasm lies a mix of favorable macroeconomic forces. Policymakers in New Delhi are targeting what they see as a once-in-a-generation chance to integrate the country more deeply into global supply chains. Meanwhile, in Mumbai, the Reserve Bank of India's dovish stance is also supporting the bullish mood — bond yields are trading at their lowest levels in over three years.'India can be a big winner of Trump 2.0 if it plays its cards right,' said Trinh Nguyen, senior economist at Natixis in Hong Kong. 'India does offer both high yield in bonds and decent return on capital for equity investors.'The shift in sentiment has been rapid among global fund managers including those from Franklin Templeton and Federated Hermes. Local shares emerged as the most favored bet among Asian funds managers investing in the region, according to a BofA Securities' recent selling more than $25 billion of Indian shares between October and February, investors plowed more than $2.5 billion in this quarter despite the trade war-induced volatility and the India-Pakistan clashes. The Nifty gauge was near a multi-month low on April 7 as global stocks recoiled, but is now within 5% of its September record are being drawn to India as a relatively safe bet during this period of global trade uncertainty, thanks to the country's more inward-looking economy. Also, since India faces much lower US tariffs versus levies on Chinese goods, it's seen as a viable workaround for companies like Apple Inc.'Amid global trade uncertainties, India's large domestic market, ascending middle class, and prospects of a trade deal with the US will help spur global investors' interest in Indian credit,' said Wei Liang Chang, macro strategist at DBS Group Holdings course, the outlook isn't risk-free. The unexpected flare-up in hostilities with Pakistan served as a reminder of the geopolitical risks that could complicate Prime Minister Narendra Modi's infrastructure ambitions, which are driving demand for foreign capital across sectors ranging from solar power to for now, investors remain focused on India's improving economic outlook.'The key assumption is for some agreement on a trade deal between the US and India, coupled with good external and internal macro stability,' wrote Michael Wan, a senior currency analyst at MUFG Bank in a note.
