Former SoftBank exec Rajeev Misra's OneIM in advanced talks for mega investments in Shapoorji Pallonji Group: Report

In 2023, Shapoorji Pallonji Group had raised $1.6 billion against another tranche of Tata Sons stocks.

Rajeev Misra, former SoftBank executive, is planning major investment in Shapoorji Pallonji Group, an Economic Times report said on Monday. As per the report, the probable agreement is touted as India’s biggest local currency private debt deal. Misra’s One Investment Management, a two-year-old venture, is in consultation with Shapoorji Group, the report added. The 160-year-old highly leveraged group, which is a major shareholder in Tata Sons, is aiming to raise $3.3 billion.

The proceeds from this $3.3 billion deal will be mainly used for refinancing current debt that was raised against the Shapoorji Group’s 18.2% ownership of Tata Sons shares.

The ET report further adds that apart from Misra’s fund, the new financing deal involving three-year, rupee-denominated, non-convertible debentures (NCDs), will also see many other financial groups heading to Indian markets. Some of the major names include South Korea’s Meritz Financial Group, Atlanta-based Broadpeak Capital and King Street Capital Management. These finance groups are eyeing to invest between $100 million and $200 million in the Indian markets, ET report added.

Previously in 2021, Shapoorji Group promoter entity Sterling Investments had raised $2.6 billion from Ares and Farallon, pledging a 9.1% stake in Tata Sons and some real estate assets.

So far, Shapoorji Group has not issued any statement on this development.