India’s Shapoorji Pallonji Group Eyes $200 Million Private Credit Deal to Ease Debt

India’s Shapoorji Pallonji Group is looking to secure between $150 million and $200 million through private credit markets as the Indian conglomerate moves to address mounting financial obligations. The capital injection would involve the issuance of additional rupee bonds originally sold in July by the group’s Eqyizen Investment Pvt. unit.

Discussions regarding the new financing remain at an early stage, according to individuals familiar with the matter who spoke on condition of anonymity because the details are private. Those familiar with the plans indicated that the final fundraising volume and transaction terms remain subject to revision.

Under the proposed structure, approximately half of the proceeds would be directed toward paying down creditors at Porteast Investment Ltd., another subsidiary within the SP Group. The remaining capital would be applied toward other group-wide debt obligations. Company representatives did not immediately respond to inquiries seeking comment on the fundraising initiative.

Financial strain on the sprawling conglomerate has intensified amid a heavy schedule of maturing debt and prolonged delays in monetizing major corporate assets. Among those assets is a substantial holding in Tata Sons Pvt., where corporate leadership remains divided over whether to pursue a public listing. The Mistry family, which maintains control over the SP Group, stands as the second-largest shareholder in Tata Sons with an approximate 18.4% stake.

The current effort to raise fresh capital follows a separate financing round in September, during which the group borrowed roughly 44.5 billion rupees, equivalent to about $467 million. That borrowing was executed via Eqyizen and through dollar-denominated bonds issued by another corporate entity, Mercury Finance Co. Proceeds from that September transaction were deployed to cover amortization requirements coming due at Porteast.

Those familiar with the ongoing strategy report that the group is aiming to finalize the new private credit transaction by mid-November.