Debt-strapped construction behemoth Shapoorji Pallonji has put its power plant in Bangladesh up for sale in a bid to reduce debt, reported Mint, citing two people aware of the development.

Shapoorji Pallonji’s Bhola power plant could be valued around $270 million. Private sector lender Standard Chartered has been hired to find a buyer for the 225 megawatt power plant. The group has a 22-year agreement with the Bangladesh Power Development Board and it will hold the behemoth in good stead when it comes to valuation of its resources.

“It’s a good project with GE machines and is nearing completion,” the Mint report cited one of the two persons as saying. “The group is currently focused on completion of the project,” Shapoorji Pallonji said in reply to a Mint query, while a Standard Chartered Bank spokesperson declined to comment.

In a multi-pronged strategy to reduce debt, the group is considering several options, including selling solar power plants and road assets. Stake sale in Eureka Forbes is also on the cards, the report added.

First Published:Jan 20, 2020 8:14 AM IST