Some of the global funds which participated in Shapoorji Pallonji (SP) Group’s last round of borrowing may join in once more as the conglomerate gears up for another major fundraising exercise. People familiar with the matter said some of the investors such as Cerberus Capital, Ares Management, Farallon Capital Management and Davidson Kempner Capital Management — all key participants in the group’s previous debt raise earlier this year — are likely to return for the new round.

The SP Group is planning to raise about $2.5 billion early next year to refinance the debt of Goswami Infratech, its holding arm that backs the group’s stake in Tata Sons . The debt is due for maturity in April 2026, prompting the group to move swiftly to lock in new funding. Company executives are scheduled to

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