It looks like the year 2018 is set to kick off on a good note for job seekers. The Shapoorji Pallonji Group has announced that it plans to invest about Rs 25,000 crore in several large infrastructure projects, which in turn will create about 1 lakh jobs over a span of the next three years.
Speaking about the group's new investment plans, Jai Mavani, executive director of Shapoorji Pallonji Group told the Economic Times: "We are greatly enthused by the strong political will the government has displayed in pushing the reforms agenda. This gave us the confidence to accelerate our investment plans long before the recent Moody's credit upgrade."
As part of this investment plan, the 152-year-old group will infuse Rs 8,900 crore for a new port in Saurashtra, Gujarat, and Rs 6,500 crore to build the Jammu-Udhampur highway and the Pandoh-Takoli highway. Other investments include expansion of Dharamtar port in Mumbai, and purchasing a majority stake in Odisha's Gopalpur port, Mavani told the daily.
Meanwhile, it was also being said in October that Shapoorji Pallonji Group was in talks with a few parties to sell a stake in its solar projects. "The SP Group wants to sell its solar project portfolio and have reached out to investors," a source close to the development told Mint.
Later the firm itself had confirmed the development and explained that discussions were being held with several investors but nothing was set in stone yet. "We are in discussion with several serious investors. The value of the transaction would depend on level of investment and other factors," a spokesperson for the firm noted.
The business conglomerate, based in Mumbai, is known to have built the classic Reserve Bank of India building in the city and has taken up several projects and made investments in real estate, textiles, engineering goods, home appliances, shipping, publications, power, and biotechnology.
Additionally, the company also had a brief association with Bollywood when Shapoorji Pallonji produced one of the most popular and critically acclaimed films of all time, Mughal-e-Azam.