India’s Power Finance Corporation Ltd has declined to extend a $2.4 billion loan to Shapoorji Pallonji Group, jeopardizing the conglomerate's plans to refinance approximately 200 billion rupees in debt. Chairman Parminder Chopra stated that the decision followed due diligence, revealing that this sector was unfamiliar for the government-backed lender.
Vodafone Idea faced a setback as Power Finance Corporation (PFC) and Rural Electrification Corp (REC) rejected its request for a Rs 25,000-crore long-term loan. The lenders cited a 'mismatch' with internal guidelines and insufficient collateral, requesting additional corporate guarantees to safeguard against potential defaults.
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