SP Group Default Puts Spotlight On Upcoming Debt Repayments

It came as a little surprise when on Sept. 25, Shapoorji Pallonji and Co. Pvt. Ltd. defaulted on Rs 200 crore worth commercial paper issued to Union Bank of India. The flagship company of the SP Group has over Rs 23,500 crore of debt, and first a slowing economy and then the pandemic has made repayment a tall task.The default prompted ratings downgrades by CARE Ratings Ltd. and ICRA Ltd. More could follow as the group may be seeking ...