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BUSINESS
Shapoorji Pallonji (SP) Group , which is controlled by billionaire Shapoor Mistry, is looking to sell its holdings in Mumbai-based infrastructure construction company Afcons Infrastructure Ltd.
One of India's most popular conglomerates, Shapoorji Pallonji (SP) Group, is planning to sell assets worth around USD 2 billion.
According to Bloomberg, Shapoorji Pallonji (SP) Group , which is controlled by billionaire Shapoor Mistry, is looking to sell its holdings in Mumbai-based infrastructure construction company Afcons Infrastructure Ltd. The report added that the group is also mulling to sell some ports.
Shapoorji Pallonji (SP) Group was founded in 1865 and it is headquartered in Mumbai. The SP Group has business in different segments like engineering & construction, real estate, textiles, home appliances, shipping, biotechnology, etc. Afcons has projects in more than 25 countries in Asia, Africa and the Middle East.
Earlier, some reports had claimed that SP Group is willing to raise USD 1.75 billion by pledging half of its stake in Tata Sons. It is to be noted that SP Group is the single largest shareholder of Tata Sons, which was once run by Ratan Tata.
Who is Shapoor Mistry?
Shapoor Mistry is a billionaire businessman who controls the engineering and construction giant Shapoorji Pallonji Group. Shapoor Mistry remains away from limelight. Shapoor Mistry shares his massive fortune with the family of his late younger brother Cyrus Mistry.
The biggest asset for Mistry family is an 18.4% stake in Tata Sons, which the holding outfit of the USD 128 billion (revenue) Tata Group.
In 2022, Shapoor Mistry suffered a double loss as his father and group patriarch Pallonji Mistry died in June and then his younger brother Cyrus Mistry died after few months in an accident.
It is to be noted that Cyrus Mistry was chairman of Tata Sons for four years until October 2016, when he was ousted after a bitter boardroom battle with Ratan Tata.