Mumbai: The Shapoorji Pallonji Group, the heavily indebted construction empire run by billionaire Pallonji Mistry, has reached out to lenders to raise $1 billion by pledging its shares in the Tata group holding company, according to two people aware of the development.
The Shapoorji Group is seeking to pledge a part of its 18.4% stake in Tata Sons Ltd, one of the two people cited above said on condition of anonymity. “The talks are in early stages.
They need to infuse a significant dose of capital into their businesses and shares in Tata Sons are the biggest asset that they hold," the person said.
An external spokesperson for the Shapoorji Group declined to comment. Bloomberg first reported the development on Monday evening. Shapoorji