A win-win situation for Eureka’s former parent

The Eureka Forbes buyout isn’t just Advent’s gain.

“The deal will create a win-win situation for Eureka’s parent firm Shapoorji Pallonji Group group too for reducing its debt,” said Jyoti Prakash Gadia, chairman of the banking committee at PHD Chamber of Commerce and Industry, a trade industry body in the state of Rajasthan.

Currently, the 150-year old Shapoorji Pallonji Group is burdened with debt of Rs20,000 crore. Out of that Rs10,900 crore is under a restructuring package under the central bank’s Covid-19 relief framework regulations that buys it time to raise funds by selling assets. Other businesses it could put up for sale include renewable energy engineering firm Sterling and Wilson Solar and construction company Afcons Infrastructure.

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