ShapoorjiPallonji to raise Rs 850 crore for two smart city

Construction major ShapoorjiPallonji, which is eyeing opportunities in the smart city space, is looking to raise Rs 850 crore over the six months to fund its Bengaluru and Eluru smart city projects, a top company official has said. It is looking at raising debt of Rs 450 crore for the Eluru project and Rs 400 crore for the Bengaluru project, the official added. We are trying to tie up funds for both the projects. Both are BOT projects and will be funded by debt. We are approaching multiple lenders, including IFC, ShapoorjiPallonji director DebasisMitra told a select media group here.