Shapoorji Pallonji Group is reportedly looking to sell $1 billion solar asset and bring outside investors into its green unit. The 153-year-old conglomerate is selling the solar asset to reduce debt.
Jai Mavani, executive director at conglomerate’s flagship company speaking to Bloomberg said , the group will sell as much as 30 per cent in the solar engineering arm of Sterling & Wilson Pvt. The funds would be raised through a pre-listing stake sale followed by a public offering.
According to the report the company is also considering a separate listing of Eureka Forbes, the water purification unit of publicly traded Forbes & Co, and sales of commercial real estate. Part of the proceeds will be used to pare debt said Mavani.
The publication notes that the group plans to tap the market at a time when debt funding is getting scarcer after India’s worst liquidity crunch in two years.