India's Power Finance Corporation Ltd has decided not to extend a $2.4 billion loan to the Shapoorji Pallonji Group, which could have implications for the conglomerate's ability to refinance its debt of approximately 200 billion rupees.
The Chairman and Managing Director, Parminder Chopra, confirmed this during an analyst call, stating that the decision was influenced by the company's due diligence process and the fact that the project represented a new sector for the lender.
As a result, Shapoorji Pallonji will need to explore alternative funding solutions for its future projects in the infrastructure sector.