BlackRock set to invest $100–200 million in Shapoorji Pallonji Group's Goswami Infratech dollar bond
BlackRock in Advanced Talks for Goswami Infratech Dollar Bond
BlackRock, the world's largest money manager, is set to invest in a dollar bond to be issued by a unit of India's Shapoorji Pallonji Group, according to reports on May 7, 2026. The asset manager is considering an initial investment of $100 million to $200 million in the bond issue via an Asia-focused fund, a move aimed at anchoring investor confidence in the issuance.
Transaction Structure and Arrangement
The deal would be a private placement, with Deutsche Bank as the arranger. Goswami Infratech, the SP Group unit, is planning to raise about $3 billion, of which $750 million to $950 million would be from the dollar bond and the remainder through rupee-denominated debt.
Refinancing of 2023 Bond
The company had raised 143 billion rupees ($1.51 billion) in June 2023 through a bond issue, in which marquee foreign investors had participated. The fresh debt raise would refinance these notes. Goswami Infratech's fundraising plans have been delayed, with a surge in rupee hedging costs playing a key role, forcing the company to seek an extension on the repayment of high-yield debt originally due on April 30.
Investor Interest Beyond BlackRock
Apart from BlackRock, other large funds have shown intent to come on board as part of the bond issue, signalling broader institutional appetite for the offering. The transaction underscores renewed foreign investor engagement with the group's capital structure.
Recent Credit Rating Action
Earlier this week, CareEdge Ratings downgraded bonds of Goswami Infratech to B+ from BB-, citing delays in group-level fundraising. BlackRock's participation is expected to reassure the market and support the overall refinancing effort.
About Shapoorji Pallonji Group
Shapoorji Pallonji & Company Private Limited, trading as Shapoorji Pallonji Group, is an Indian conglomerate headquartered in Mumbai. Its primary business interests include construction and engineering, infrastructure, real estate, energy, and textiles, among others. The company was founded as a partnership firm Littlewood Pallonji in 1865. The first project was the construction of a pavement on the Girgaum Chowpatty, followed by being part of the construction of a reservoir on Malabar Hill which supplied water to Mumbai for over 100 years.
In real estate, Shapoorji Pallonji and Company has developed over 16 million square feet of residential and commercial projects across India. The group's portfolio spans premium developments such as The Imperial in South Mumbai and the Joyville brand of affordable housing across multiple cities including Pune, Bangalore, Gurugram, and Kolkata.