India: Shapoorji plans to raise $271m from land assets, $200m more from SCPE, Actis, others

Shapoorji Pallonji group’s real estate arm plans to monetize about 100 acres of land over the next two years to raise about Rs 2,000 crore, bulk of which will be used to repay debt. Shapoorji Pallonji Real Estate is also in the process of raising another $200 million equity under its mid-income housing platform, Joyville, from existing investors—International Finance Corporation, Asian Development Bank and Standard Chartered Private Equity whose real estate business is now part of UK-based Actis.