The Shapoorji Pallonji Group, a construction and real estate conglomerate, has sold a 1,819.90 square-metre19,589.22 sq ft) land parcel in the upscale Juhu locality of Mumbai to Agarwal Holdings for Rs 455 crore.
The transaction was executed through Shapoorji Pallonji Gwalior, a subsidiary of the Shapoorji Pallonji Group, and was finalised and registered in November. The deal involved a stamp duty payment of Rs 27.30 crore and registration charges of Rs 30,000, according to documents accessed via Square Yards, a proptech firm. An email seeking comments from the Shapoorji Pallonji Group did not receive a response.
Burdened with a debt of Rs 20,000 crore, the Shapoorji Pallonji Group has been actively divesting assets and investments. Earlier this year, the group sold Gopalpur Port to Adani Ports & SEZ at an enterprise valuation of Rs 3,350 crore. Its infrastructure arm, Afcons, raised Rs 8,398 crore through an IPO and pre-IPO placements. Additionally, its property investment arm, in partnership with Allianz, sold the Waverock IT Park in Hyderabad for Rs 2,200 crore.
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The group repaid Rs 7,300 crore, primarily from the proceeds of the Afcons IPO and the Gopalpur Port sale, reports said. The company is reportedly in talks with global investors to refinance its maturing debt and lower borrowing costs.
Agarwal Holdings, a financial services firm supporting banks, investment firms, and insurance companies, has been actively acquiring prime land parcels in Mumbai’s Juhu locality. Earlier this year, it purchased another plot in the same area for over Rs 100 crore. In 2022, Agarwal Holdings acquired two land parcels—measuring 3,969 square meters (~42,721.92 sq ft) and 3,019 square meters (~32,496.21 sq ft)—for a combined value of Rs 332.8 crore.
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