Mumbai, May 19 -- Shapoorji Pallonji (SP) Group, the Mumbai-headquartered real estate and infrastructure conglomerate run by billionaire Shapoor Mistry, is planning to raise $1.3 billion (about Rs.11,500 crore) over the next two years by taking its real estate business public, and by selling some assets in its oil and gas businesses.

The move is part of a bigger plan to manage the group's rising debts. The money raised will be used to make interim payments to creditors of a recent $3.3 billion private credit loan that the group took last week, according to the deal's term sheet. The $3.3-billion deal in turn was taken to refinance and repay some other, older loans.

SP Group has total outstanding debt of Rs.55,000- Rs.60,000 crore as of ...