Parent company to sell India’s Afcons undertaking Thilamale’ bridge project

Discussions have been initiated to sell India’s Afcons Infrastructure, contracted the Thilamale’ bridge project which marks the largest infrastructural project in the Maldives to date, in order to acquire finances needed by its parent company.

Foreign news outlets report that Afcons’ parent company, Shapoorji Pallonji Group (SP Group), owned by billionaire Shapoor Mistry, is facing major financial blowback which has prompted the company to weigh sale of USD 2 billion worth in company’s assets in addition to seeking a buyer for its shares in Afcons.

SP Group is also looking to sell some ports including one of their biggest; Gopalpur Port on the east coast of India.

As per the reports, SP Group is seeking the money to repay its debt obligations.

The value of projects contracted to Afcons in the Maldives is placed approximately at MVR 10 billion; MVR 8.2 billion for Thilamale’ bridge project and MVR 1.1 billion for Addu road development project.

SP Group last year sold its purifier company valued at USD 536 million, Eureka Forbes Limited, to ease the financial constraints faced by the company. Following the sale of the Eureka, they had repaid a debt of USD 1.5 billion.