The Shapoorji Pallonji Group, led by Indian billionaire Shapoor Mistry, is in discussions with lenders, including Power Finance Corp., to raise up to 200 billion rupees (around $2.4 billion), according to sources familiar with the situation.

The group has approached Power Finance for up to 150 billion rupees, making it the largest portion of the planned fundraising, sources said on condition of anonymity due to the private nature of the matter. Negotiations are still ongoing, and the lending details might see alterations, they added.

Additionally, the group is assessing interest from Davidson Kempner Capital Management and Cerberus Capital Management LP, the sources noted.

The raised funds, anticipated to be through a privately placed rupee-bond, will be utilized in part to restructure debt acquired about three years ago by SP Group’s primary investment arm Sterling Investment Corp. against shares in Tata Sons, the holding entity of India’s diversified conglomerate Tata Group, according to sources. Sterling currently holds a 9.1% stake in Tata Sons, as per rating company CareEdge.

Shapoorji Pallonji Group did not provide immediate comments when contacted by Bloomberg News regarding the fundraising initiative. Davidson Kempner chose not to comment, while Cerberus and Power Finance did not respond to requests for comment.

Last year, Goswami Infratech Pvt., another SP Group entity, raised 143 billion rupees through India’s largest low-rated local currency bond issuance.

Gold Surges to Record High of Rs.66,778 Amidst US Fed Decision: Experts Weigh In

Ratan Tata Praises Assam's Semiconductor Venture as Game-Changer"

Maruti Suzuki made this car expensive, increased it by Rs 10 thousand