Shapoorji Pallonji Group to recast ₹10,900-crore debt under COVID-19 resolution framework

Mumbai: The Shapoorji Pallonji Group, which has decided to exit the Tata group, will restructure ₹10,900 crore of its debt under the resolution framework for pandemic-related stress, a group official said.

The relief is being sought under the one-time loan restructuring plan approved by the Reserve Bank after it accepted the KV Kamath panel report, which allows financially stressed companies to recast their debt for two years, the official said.

“Shapoorji Pallonji Construction (SPCPL), the holding company of the 150-year-old Shapoorji Pallonji Group, wants to restructure ₹10,900 crore of their debt through the one-time loan restructuring under the COVID-19 resolution framework approved by the RBI,” the official told PTI on Friday.