In a move that gives respite to Shapoorji Pallonji (SP) Group, the Indian lenders and the KV Kamath Committee have cleared its one-time restructuring (OTR) proposal. All debt restructuring proposals above Rs 1,500 crore were referred to the expert committee at its meeting on Tuesday.
Shapoorji Pallonji and Companys (SPCPLs) the holding company of the 150-year-old SP Group debt repayment obligations in 2020-21 are Rs 5,320 crore at a standalone level and Rs 10,000 crore at a consolidated level. The total group borrowings amount to more than Rs 25,000 crore, while the flagship firm has Rs 23,500-crore debt on its books.
SPCPL had sought the OTR for its obligations under the Covid relief framework regulations of the Reserve Bank of …
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