Shapoorji Pallonji arm eyes IPO

An engineering, procurement, and construction (EPC) subsidiary of the Shapoorji Pallonji Group has initiated talks with banks for an initial public offering (IPO) as it seeks to monetise assets to help meet repayment obligations stipulated in loan covenants involving the company’s financiers. The SP is group is also considering a strategic sale of Afcons Infrastructure and has reached out to Middle Eastern companies for the same.