State-run Power Finance Corporation Ltd (PFC) has decided against extending a loan to Shapoorji Pallonji Group, a top official said, throwing into doubt the infrastructure conglomerate’s plans to refinance debt worth around 200 billion rupees ($2.4 billion).
“We have decided not to go ahead with sanctioning of the loan of Shapoorji Pallonji,” Chairman and Managing Director Parminder Chopra told analysts in a call on November 8. She added that PFC had done due diligence and found it was a new sector for the government-backed lender to fund.
Source: bt Business Today
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