Key Takeaways
- • A&O Shearman advised Eqyizen Investment Private Limited, part of the Shapoorji Pallonji Group (SP Group), on a USD2.25 billion refinancing completed in July 2026.
- • A further USD125 million fundraising in September 2026 was also covered by the advisory mandate.
- • The firm describes the transaction as one of the largest private credit transactions completed in India to date, drawing leading onshore and offshore investors.
- • The deal required a highly bespoke structure to align legal, tax, and regulatory considerations across multiple jurisdictions.
- • The mandate underscores the growing role of alternative capital providers in India's financing landscape.
Summary
A&O Shearman has advised Eqyizen Investment Private Limited, part of the Shapoorji Pallonji Group (SP Group), on the group's USD2.25 billion refinancing in July 2026 and a subsequent USD125 million fundraising in September 2026, according to a firm announcement published October 23, 2026.
The firm characterizes the transaction as one of the largest private credit transactions completed in India to date. It attracted participation from a number of leading onshore and offshore investors, which the firm said underscores the growing role of alternative capital providers in India's financing landscape.
SP Group is a diversified Indian conglomerate with interests in construction and engineering, infrastructure, real estate, energy, textiles, and financial services. It operates in more than 40 countries, is one of India's longest-established business groups, and holds an 18.37% stake in Tata Sons, the principal holding company of the Tata Group.
Pallavi Gopinath Aney, co-head of the India Group at A&O Shearman, said the refinancing required a highly bespoke structure to align legal, tax, and regulatory considerations across multiple jurisdictions while meeting the commercial objectives of both SP Group and its investors. Kyungwon (Won) Lee, partner and regional co-head of U.S. capital markets and global ECM, said the refinancing brought together multiple funding sources and investor groups through a structure designed to meet SP Group's financing objectives.
The A&O Shearman team was led by partners Gautam Narasimhan, Kyungwon (Won) Lee, and Pallavi Gopinath Aney, with senior associate Nabil Shadab. Partner James Yao and associate Karen Ho advised on hedging and swaps, while partner Larry Crouch and counsel Jason Rothschild provided U.S. tax and ERISA advice.
The firm characterizes the transaction as one of the largest private credit transactions completed in India to date. It attracted participation from a number of leading onshore and offshore investors, which the firm said underscores the growing role of alternative capital providers in India's financing landscape.
SP Group is a diversified Indian conglomerate with interests in construction and engineering, infrastructure, real estate, energy, textiles, and financial services. It operates in more than 40 countries, is one of India's longest-established business groups, and holds an 18.37% stake in Tata Sons, the principal holding company of the Tata Group.
Pallavi Gopinath Aney, co-head of the India Group at A&O Shearman, said the refinancing required a highly bespoke structure to align legal, tax, and regulatory considerations across multiple jurisdictions while meeting the commercial objectives of both SP Group and its investors. Kyungwon (Won) Lee, partner and regional co-head of U.S. capital markets and global ECM, said the refinancing brought together multiple funding sources and investor groups through a structure designed to meet SP Group's financing objectives.
The A&O Shearman team was led by partners Gautam Narasimhan, Kyungwon (Won) Lee, and Pallavi Gopinath Aney, with senior associate Nabil Shadab. Partner James Yao and associate Karen Ho advised on hedging and swaps, while partner Larry Crouch and counsel Jason Rothschild provided U.S. tax and ERISA advice.
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