Shapoorji Pallonji Plans Asset Sale Worth $1 Billion


Shapoorji Pallonji Group plans to seek about $1 billion by bringing outside investors into its solar unit, as it embarks on a series of asset sales across the 153-year-old conglomerate to reduce debt.

The group, owned by reclusive billionaire Pallonji Mistry, will sell as much as 30 % in the solar engineering arm of Sterling & Wilson Pvt, said Jai Mavani, executive director at conglomerate’s flagship company. The funds would be raised through a pre-listing stake sale followed by a public offering.

The conglomerate spans engineering and construction, energy and infrastructure, real estate, textiles, financial services and water. Fresh funds will also help the group tap opportunities in the world’s fastest-growing major economy, where the government plans to spend billions on infrastructure and has pledged to provide housing for all by 2022.