8OCTOBER, 2024Shapoorji Pallonji Group, a leading construction company, is securing funds of more than Rs 2,100 crore from a group of global investors led by Deutsche Bank, according to reports. The global investors are current stakeholders in the investment company Goswami Infratech, a promoter of Afcons Infrastructure, which is set for a Rs 7,000 crore IPO in the upcoming month.The group has additionally requested a payment extension for non-convertible debentures worth Rs 2,100 crore, due in September, until December of the current year.According to sources familiar with the situation, the SP Group is preparing to make near-term refunds totaling almost Rs 8,000 crore by utilizing funds from recognized liquidity programs such as the approaching IPO of Afcons Infrastructure and the auction of port assets."A few global investors in Goswami Infratech Pvt Ltd have agreed in principle to further their investments in the SP Group company," the spokesperson stated.The group plans to invest more than Rs 2,100 crore in the initial phase in the SP Group solely in debentures, as stated by the individual. When contacted for a response, a representative of SP Group confirmed the progression.The spokesperson mentioned, "We are proud to have very reputed global investors in our cap table. We are committed to our promises to our lender partners, as the Group embarks on a new phase of growth."The SP Group is actively reducing its debt by selling assets like Eureka Forbes for Rs 4,400 crore, 40 percent of Sterling & Wilson Renewable Energy, and its stake in SP Jammu Udhampur Highway Ltd to NIIF for Rs 2,100 crore. The Indian Navy has set up two task forces to work with domestic companies with an aim to meet its weapon and other essential equipment requirements under the Make in India campaign, officials disclosed on Wednesday. These task forces headed by the Navy chief admiral Dinesh K Tripathi are aimed at interacting with domestic industries to assess their potential in manufacturing standard equipment and weapons for the naval force. Currently, the Admiral has been reaching out to local manufacturers with the view of having them supply most of the Navy's needs. Instead of focusing on the force's requirements for a range of technologies and systems, the Navy is considering how domestic industries can help advance its goals. Besides, Admiral Tripathi has been moving around industrial enclaves with Navy teams to evaluate their productive capacity. The Indian Navy is leading the way in the process of indigenisation and almost all its warships and submarines are manufactured in India. Over the next few years, the Navy has proposed heavy purchases worth lakhs of crores from the Indian industries and shipyards. Some of the immediate orders are Rs 1.6 lakh crores for submarines of various types to counter threats from China and Pakistan as per the defence officials. TOP STORIESSP GROUP SECURES RS 2,100 CRORE INVESTMENT FROM GLOBAL INVESTOR CONSORTIUMLOCAL INDUSTRY POWERS NAVY'S FUTURE CRITICAL NEEDS
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