The Mumbai-based business conglomerate Shapoorji Pallonji Group is looking to invest about Rs 25,000 cr mostly in big-ticket infrastructure projects, creating around one lakh jobs in the next three years, a top executive said. The Group worth $5-billion has major interests in construction, real estate and certain other areas.
“We are greatly enthused by the strong political will the government has displayed in pushing the reforms agenda,” said Jai Mavani, executive director at the SP Group. “This gave us the confidence to accelerate our investment plans long before the recent Moody’s credit upgrade,” he added.
Last Friday, credit rating agency Moody’s Investors Service had upgraded India’s sovereign rating by a notch for the first time in 14 years, lending credence to the series of reforms launched by the current government, including implementation of goods and services tax (GST) and last year’s call back of high denomination notes to curb black money.
The 152-year-old SP Group, which built the iconic Reserve Bank of India headquarters and National Centre for Performing Arts in Mumbai, has plans to invest Rs 8,900 cr to build a new port in Saurashtra in Gujarat and another Rs 6,500 cr to construct the Jammu-Udhampur highway and the Pandoh-Takoli highway.
Other big investments in the pipeline include expansion of Dharamtar port in Mumbai, and purchasing majority stake in Gopalpur port in Odisha adjacent to Tata Steel’s 3 million-tonne steel plant, Mavani said. The SP Group is planning to invest Rs 3,000 cr overseas, mostly in Africa and Middle East regions.
Most of the investments would be routed through SP Infra, the group’s wholly-owned infrastructure asset ownership company, and various special purpose vehicles under the parent company, he said.