PFC turns down $2.4 billion debt to Shapoorji

India’s state-run Power Finance Corporation Ltd has decided against extending a loan to Shapoorji Pallonji Group, a top official said, throwing into doubt the infrastructure conglomerate’s plans to refinance debt worth around 200 billion rupees ($2.4 billion). “We have decided not to go ahead with sanctioning of the loan of Shapoorji Pallonji,” Chairman and Managing...