Power Finance Corporation turns down $2.4 bn debt to Shapoorji Pallonji Group
Power Finance Corporation Ltd has decided against extending a loan to Shapoorji Pallonji Group, a top official said, throwing into doubt the infrastructure conglomerate’s plans to refinance debt worth around 200 billion rupees ($2.4 billion).
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“We have decided not to go ahead with sanctioning of the loan of Shapoorji Pallonji,” Chairman and Managing Director Parminder Chopra told analysts in a call on Friday. She added that PFC had done due diligence and found it was a new sector for the government-backed lender to fund.
“Ultimately, the board decided not to go ahead with the loan of around 200 billion rupees,” she told Bloomberg News on Saturday.
Mint newspaper reported the development first.
The group, controlled by Indian billionaire Shapoor Mistry, had earlier reached out to Power Finance for the loan. Proceeds of the loan would primarily be used to refinance an old credit facility.
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