India’s SP Group Gets Relief on $3.4 Billion Private Credit

A unit of India’s Shapoorji Pallonji Group has secured approval from its major lenders to ease a key debt condition after falling collateral values pushed it closer to its borrowing limits, according to people familiar with the matter.

Its financing arm, Porteast Investment, will temporarily raise its loan-to-value limit to 40% from 34% for four months through July 15, the people said, declining to be identified because the information is private.