Global investor consortium lines up Rs 2,100 crore investment in SP Group

Engineering and construction major Shapoorji Pallonji group is gearing up to receive investments of over Rs 2,100 crore from a consortium of global investors led by Deutsche Bank, according to sources. The global investors are existing investors in the group's investment company Goswami Infratech, which is also one of the promoter companies of Afcons Infrastructure that is scheduled for Rs 7,000 crore IPO early next month. The group has also sought an extension of payments on non-convertible debentures of up to Rs 2,100 crore, which are due in September, till December this year. This development comes on the back of the SP Group lining up near-term repayments of nearly Rs 8,000 crore through identified liquidity events, including proceeds from the upcoming IPO Afcons Infrastructure and from the sale ports assets, a person aware of the development said. "A few global investors in Goswami Infratech Pvt Ltd have agreed in principle to further their investments in the SP Group company," the person added. The consortium will be investing over Rs 2,100 crore in the first phase in the SP Group as a pure investment in debentures, the person said.