Shapoorji Pallonji to sell assets to clear off Rs 4000 Cr debt

first_imgIBTimes VideoRelated VideosMore videos Play VideoPauseMute0:01/1:41Loaded: 0%0:01Progress: 0%Stream TypeLIVE-1:40?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading … Close The Shapoorji Pallonji Group is planning to sell its solar and road assets by March 2020 to reduce its debt by approximately Rs 4,000 crore. The company told Bloomberg that they are in talks with prospective investors to execute their plans of selling their assets as well as bringing in investors for their port business.The 154-year old group witnessed a massive downgrade of its flagship firm Shapoorji Pallonji & Co. due to the slowdown in the core sector. Responding to the slowdown, the company is planning the sale to improve its balance sheet and credit ratings amid the slowdown in the non-banking financial sector (NBFCs). Real estateAccording to MoneyControl, the Pallonji Group might face hardship in getting a desirable deal in return for their assets during the economic downturn. “There are many sweet deals, giving investors plenty to choose from. The group may have to sell at a discount,” Mathew Antony, managing partner at Aditya Consultancy, told Bloomberg.The real estate vertical has been sustaining prolonged lender pressure while telecommunication majors like Reliance Group and Essel Group have been facing financial challenges. Economy Slowdown (Representational Image)   ReutersWith bad loans and non-performing assets of major companies piling up due to the liquidity crisis and the slowdown in the sales, the banks have thin-lined their credits to certain sectors.However, Shapoorji Pallonji filed a total revenue of about Rs 50,000 crore in the financial year 2018-19. The company employs more than 60,000 people. The real estate giant, despite the slowing real estate sector, has been performing better than most of its peers.center_img Demonetisation destroyed smaller medium industry: P Chidambaramlast_img read more

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BTRC to lock over 1000 porn sites

first_imgBTRCThe Bangladesh Telecommunication Regulatory Commission (BTRC) on Thursday directed all International Internet Gateways (IIG) to shut down another 1279 pornographic websites, reports UNB.”IIG already has started shutting down various kinds of porn sites following the order of the BTRC,” said Emdadul Haque, general secretary of Internet Service Providers Association of Bangladesh (ISPAB).He also said, “We welcome the government initiative to keep internet safe through shutting down porn sites. This will help to keep internet service safe.”This is the regulatory body’s third move within two weeks as it ordered the International Internet Gateway (IIG) on 6 Feb to shut 244 porn sites and on 8 Feb to close 1300 others.Earlier in November 2016, the High Court directed the government to take initiative to block pornography websites and following the order, BTRC had blocked about five hundred such sites at that time.last_img read more

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