Latest news with #ShapoorjiPallonjiRealEstate
Mint
19-05-2025
- Business
- Mint
Debt-laden SP Group seeks $1.3 billion through realty IPO and energy asset sales
Mumbai: Shapoorji Pallonji (SP) Group, the Mumbai-headquartered real estate and infrastructure conglomerate run by billionaire Shapoor Mistry, is planning to raise $1.3 billion (about ₹11,500 crore) over the next two years by taking its real estate business public, and by selling some assets in its oil and gas businesses. The move is part of a bigger plan to manage the group's rising debts. The money raised will be used to make interim payments to creditors of a recent $3.3 billion private credit loan that the group took last week, according to the deal's term sheet. The $3.3-billion deal in turn was taken to refinance and repay some other, older loans. SP Group has total outstanding debt of ₹55,000- ₹60,000 crore as of 31 March 2024, according to news reports. Nearly ₹32,000 crore has reportedly been raised from global private credit funds and wealthy high net-worth individuals over the past three years in two tranches via non-convertible debentures. To raise fresh funds of $1.3 billion, the group is looking to list its real estate business, Shapoorji Pallonji Real Estate, which is valued at around $5 billion, according to lenders who spoke with Mint. The IPO could see the company selling shares worth ₹4,000-5,000 crore, per a Moneycontrol report in December last year. It would also be the second IPO from the SP Group stable since October 2024, when construction firm Afcons Infrastructure was listed to raise ₹5,430 crore. In parallel, the group's oil and gas company, SP Energy, also plans to sell two FPSOs (floating production storage and offloading), which are estimated to be valued at around $800 million, according to the lenders cited above. FPSO units are floating offshore facilities used in the oil and gas industry to process and store hydrocarbons. Emails to SP group remained unanswered till press time. 'SP group has been very focused in doing what they have committed to their bond holders," one of the lenders cited earlier said on condition of anonymity, adding that it is reflected in the fact that they have been consistently selling assets. 'So if you look at the Afcon sale or prior to that when they had to pay back the banks after the restructuring, which happened during covid, they sold a bunch of assets," this person added. 'So they have been selling all off their assets to make sure that their lender community gets paid." Piling on debt Earlier this week, SP group signed the country's largest private credit deal with a consortium of lenders to raise $3.3 billion through a three-year zero-coupon bond at an annual yield of 19.75%. The proceeds of this transaction will be used to refinance existing debt taken about three years ago by the group's main investment vehicle Sterling Investment Corp. The holding companies–Sterling Investment and Cyrus Investment–had borrowed ₹26,000 crore as of March 2024 against the SP group's 9.2% stake in Tata Sons (holding company of the Tata Group), and pledged shares of Shapoorji Pallonji Real Estate and SP Energy. Ares, Farallon, Cerberus Capital Management and Davidson Kempner are likely to be the largest subscribers of this bond, according to lenders cited above. Others such as PIMCO, BlackRock and Edelweiss Alternatives have also subscribed to smaller amounts, according to these lenders. The proceeds from this bond will also be used to refinance a ₹14,300 crore debt taken by group company Goswami Infratech Private Limited (GIPL), of which it had repaid ₹7,500 crore through funds raised from the Afcons listing and monetization of port assets such as Gopalpur Port and Dharamtar Port. GIPL is an equally held joint venture between SC Finance and Investments Private Limited and SP Finance Private Limited, which are in turn promoted by the Mistry family. The $3.3-billion fund raising from private credit funds came after its request for a ₹20,000 crore loan from Power Finance Corporation was turned down. PFC's board had raised concerns regarding the NBFC's ability to underwrite the loan to SP group, which had large exposure to real estate construction and infrastructure.
Time of India
15-05-2025
- Business
- Time of India
Shapoorji Pallonji Real Estate, KREEVA & ASK Property Fund launch residential project in Gurugram
NEW DELHI: Shapoorji Pallonji Real Estate (SPRE), in partnership with KREEVA and ASK Property Fund , has launched a residential development project- The Dualis in sector 46, Gurugram . The project is expected to generate projected top-line revenues of over ₹1,400 crore over the next five years. It will have two towers with 198 3-BHK and 4-BHK residences with saleable areas ranging from 2,850 to 3,600 sq ft. This is SPRE's second project in the city.
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Business Standard
15-05-2025
- Business
- Business Standard
Shapoorji Pallonji launches over Rs 1,400 crore luxury project in Gurugram
Mumbai-based Shapoorji Pallonji Real Estate (SPRE), in partnership with Kreeva (Kanodia Real Estate Venture Arm) and ASK Property Fund, has announced the launch of The Dualis — a luxury residential development in Sector 46, Gurugram. The project is estimated to generate revenue of over ₹1,400 crore over the next five years. Towering approximately 150 metres, The Dualis will be among the tallest residential towers in the area, a statement by the consortium of SPRE, Kreeva, and ASK noted. The project features two towers with 198 luxurious 3- and 4-BHK residences, with saleable areas ranging from 2,850 to 3,600 square feet (sq ft), and 60,000 sq ft of amenity space. Sriram Mahadevan, chief executive officer (CEO) of SPRE and managing director of Joyville Shapoorji Housing, said, 'With 'The Dualis', we are entering a high-potential micro-market with a product that combines location, scale, and quality. This is a long-term investment in the future of luxury housing in Gurugram, backed by partners who share our vision for value creation and timely delivery.' 'The partnership brings together institutional funding, deep-rooted local market expertise, and a shared legacy of construction excellence,' Mahadevan added. Mayank Jain, CEO of Kreeva, stated, 'The Dualis represents the commitment of delivering luxury, scale, and sophistication in one of Gurugram's most promising neighbourhoods. This collaboration with Shapoorji Pallonji Real Estate and ASK Property Fund is a strong endorsement of the location's investment potential, and we are confident that The Dualis will set a new benchmark for luxury living in the region.' This launch reflects a growing trend of institutional capital entering North India's luxury residential market, driven by rising demand, favourable infrastructure, and a discerning, maturing buyer base. The Dualis is expected to attract strong interest from both end-users and investors looking for long-term capital appreciation and a healthy rental yield, the developers claimed. Additionally, this is SPRE's second project in the Gurugram market, following the launch of Joyville Gurugram in Sector 102.
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Business Standard
15-05-2025
- Business
- Business Standard
Shapoorji Pallonji targets ₹ 1,400-cr sales from Gurugram housing project
Shapoorji Pallonji Real Estate (SPRE), in partnership with KREEVA and ASK Property Fund, on Thursday launched a luxury housing project in Gurugram with a revenue potential of Rs 1,400 crore. In October last year, Shapoorji Pallonji Real Estate (SPRE) formed a joint venture with Kanodia Group's real estate venture Kreeva to develop a residential project, spread over 1.75 acre, in Sector 46, Gurugram. On Thursday, SPRE launched this new project -- The Dualis -- comprising 198 units, as part of its expansion plan to encash strong housing demand across major cities. "The project is poised to generate projected top-line revenues of over Rs 1,400 crore over the next five years," SPRE said in a statement. The project features two towers, each having a height of about 150 metre, with 198 apartments. The size of the flats ranges from 2,850 to 3,600 square feet. Sriram Mahadevan, CEO of Shapoorji Pallonji Real Estate (SPRE) & Managing Director of Joyville Shapoorji Housing, said, "With 'The Dualis', we are entering a high-potential micro-market with a product that combines location, scale, and quality." "This is a long-term investment in the future of luxury housing in Gurugram, backed by partners who share our vision for value creation and timely delivery," he said. The partnership brings together institutional funding, deep-rooted local market expertise, and a shared legacy of construction excellence, Mahadevan said. Mayank Jain, CEO-KREEVA said this collaboration with SPRE and ASK Property Fund is a strong endorsement of the location's investment potential. This is SPRE's second project in the Gurugram market, following the successful launch of Joyville Gurugram in Sector 102. With this project, the SPRE further strengthens its residential real estate portfolio in NCR. SPRE, which is part of the Shapoorji Pallonji Group, is one of the leading real estate firms in the country. With a development potential of over 142 million square feet, SPRE has a presence in Mumbai, Pune, Bengaluru, Gurugram, and Kolkata. Kanodia Group is into diverse businesses, including cement, building solutions, media and real estate, among others.
Time of India
15-05-2025
- Business
- Time of India
Shapoorji Pallonji Real Estate targets Rs 1,400-cr sales from new housing project in Gurugram
New Delhi: Shapoorji Pallonji Real Estate ( SPRE ), in partnership with KREEVA and ASK Property Fund, on Thursday launched a luxury housing project in Gurugram with a revenue potential of Rs 1,400 crore. In October last year, Shapoorji Pallonji Real Estate (SPRE) formed a joint venture with Kanodia Group's real estate venture Kreeva to develop a residential project, spread over 1.75 acre, in Sector 46, Gurugram. On Thursday, SPRE launched this new project -- The Dualis -- comprising 198 units, as part of its expansion plan to encash strong housing demand across major cities. "The project is poised to generate projected top-line revenues of over Rs 1,400 crore over the next five years," SPRE said in a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Book your dream home & save upto ₹4 Lakhs. Sunteck World Book Now The project features two towers, each having a height of about 150 metre, with 198 apartments. The size of the flats ranges from 2,850 to 3,600 square feet. Sriram Mahadevan, CEO of Shapoorji Pallonji Real Estate (SPRE) & Managing Director of Joyville Shapoorji Housing, said, "With 'The Dualis', we are entering a high-potential micro-market with a product that combines location, scale, and quality." Live Events "This is a long-term investment in the future of luxury housing in Gurugram, backed by partners who share our vision for value creation and timely delivery," he said. The partnership brings together institutional funding, deep-rooted local market expertise, and a shared legacy of construction excellence, Mahadevan said. Mayank Jain, CEO-KREEVA said this collaboration with SPRE and ASK Property Fund is a strong endorsement of the location's investment potential. This is SPRE's second project in the Gurugram market, following the successful launch of Joyville Gurugram in Sector 102. With this project, the SPRE further strengthens its residential real estate portfolio in NCR. SPRE, which is part of the Shapoorji Pallonji Group, is one of the leading real estate firms in the country. With a development potential of over 142 million square feet, SPRE has a presence in Mumbai, Pune, Bengaluru, Gurugram, and Kolkata. Kanodia Group is into diverse businesses, including cement, building solutions, media and real estate, among others.
