Goswami Infratech, a key subsidiary of India’s Shapoorji Pallonji Group (SP Group), is on track to finalize a massive bond issuance valued at approximately 250 billion rupees ($2.84 billion) by the end of January 2026, according to sources familiar with the deal.

The planned two-year zero-coupon bond will be used primarily to refinance Goswami Infratech’s existing debt, including 88.15 billion rupees in high-yield notes maturing in April 2026, along with other corporate and debt-related obligations. The new bond offering will be secured using SP Group’s 9.2% equity stake in Tata Sons, held through its subsidiary Cyrus Investments.

Despite no official statement from Goswami Infratech or lead arranger Deutsche Bank, three bankers close to the matter confirmed the timeline, noting the book-building phase is expected to conclude by mid-January. The deal is poised to become one of India’s largest-ever corporate bond issues.

Deutsche Bank, which previously arranged a 143 billion rupee bond sale for the company in June 2023, is expected to lead the upcoming issuance as well. That earlier issue featured an 18.5% coupon rate and has already been partially repaid, offering a positive signal for investors.

Senior executives from SP Group are currently conducting non-deal roadshows to engage investor interest and provide business updates. The group is actively targeting a broader investor base and expects to secure a lower coupon rate on this issuance compared to earlier deals.

With the Indian bond market closely monitoring this major refinancing effort, successful completion could ease the group’s debt pressures while reinforcing its financial position.