Shapoorji Pallonji Group closes ₹15,100 crore ($1.6 billion) private credit deal to refinance Goswami Infratech zero-coupon bonds
Shapoorji Pallonji Completes ₹15,100 Crore Refinancing Deal
Shapoorji Pallonji Group completed one of the country's largest private credit transactions on July 20, 2026, raising around ₹15,100 crore ($1.6 billion). The funds were used to refinance ₹15,500 crore in debt at Goswami Infratech, which had issued three-year zero-coupon rupee bonds priced to yield 18.95 per cent.
Investor Participation and Structure
A group of local investors, including InCred Capital Financial Services, DSP Finance Pvt Ltd and IIFL Capital Services Ltd, subscribed to the rupee-denominated bonds. Additional domestic participants included ASK Asset & Wealth Management and Nuvama Wealth Management, while international credit investors Farallon Capital Management, Davidson Kempner Capital Management and Cerberus Capital Management each invested approximately $175 million to $200 million. Deutsche Bank acted as sole arranger for the financing and took the largest share of the debt.
Strategic Significance
The deal provides the SP Group, an infrastructure-to-real estate conglomerate, much-needed liquidity after having twice extended the maturity of debt owed by Goswami. The transaction provides significant liquidity to Shapoorji Pallonji after the maturity of Goswami Infratech's debt had previously been extended twice.
The refinancing follows a separate $650 million three-year dollar bond raised at a yield of 14.5 per cent, with Deutsche Bank potentially investing about $400 million as one of the largest investors. Combined with the rupee component, the total refinancing package secured investor commitments of close to ₹21,500 crore.
Market Context
The transaction underscores the depth of India's rapidly expanding private credit market, where local pools of capital continue to back large leveraged transactions despite heightened volatility in global markets. Real estate and infrastructure are the sectors with the highest market share in private credit deal flows, reflecting investor appetite for structured financing in these asset classes despite economic uncertainty.
Shapoorji Pallonji's broader refinancing strategy reflects the group's diversified operations across six broad business segments including Engineering & Construction, Infrastructure, Real Estate, Water, Energy, and Financial Services.