SP Group to sell stake in solar power biz; Gunit Chadha to float NBFC

SP Group to sell stake in solar power biz; Gunit Chadha to float NBFC

Engineering and construction major Shapoorji Pallonji Group (SP Group) is in talks to sell a stake in its solar power assets, Mint reported, citing people aware of the development.

The group wants to sell its 400-megawatt portfolio and has reached out to investors, the report cited a person as saying.

A spokesperson for Shapoorji Pallonji Infrastructure Capital Co. Ltd confirmed to the newspaper that the company was in negotiations with the investors.

The group operates in diverse sectors including real estate, water purification, infrastructure development and solar power generation. It is one of the largest solar engineering, procurement and construction contractors with an installed capacity of more than 1 gigawatt.

In another development, former Deutsche Bank Asia head Gunit Chadha is launching a non-banking financial company, The Economic Times reported.

The new venture, APAC Financial Services, will get an initial investment of more than Rs 100 crore from Gunit Chadha and the senior management team of the company, the report said, citing two sources aware of the development.

APAC has given a mandate to Ambit Capital to raise Rs 400 crore from investors, the report said.

Chadha confirmed to the newspaper that he was starting an NBFC but declined to comment on the size of the company, investors and other details.

“Our aim is to be in the lending space where on the one end you have the backing of collateral which is secured lending, and at the other end have assets that yield like unsecured loans,” he said.