Premises linked to Shapoorji Pallonji Group surveyed by income tax department

Mumbai: The income tax department on Friday conducted a survey of premises linked to the Shapoorji Pallonji (SP) Group. The department's surveys often involve preliminary investigation. People in the know said the survey was primarily related to the books of Afcons Infrastructure, the flagship infrastructure, engineering, and construction company of the group. "... there has been some inconsistency found in the books which pertains to share purchases and the company has been asked to explain," a person with knowledge of the details told ET. The survey started early in the day and continued till late in the night.

The SP Group did not comment on the matter.

Afcons Infrastructure made an initial public offering in October last year and listed on stock exchanges in early November with its shares starting trading at a 7% discount to the IPO price of ₹463. On Friday, the shares ended 6.6% lower at ₹412.95 on the BSE. The SP Group has been working in recent years to reduce its debt burden through asset sales and public offerings. In June 2023, its subsidiary, Goswami Infotech, raised ₹14,300 crore with repayments tied to asset monetisation. Proceeds from the sale of its stake in Gopalpur Port to Adani Ports were used to pay down existing obligations by ₹7,300 crore.