India’s Shapoorji Pallonji Group is looking to sell its solar power plants and road assets to reduce debt by as much as 40 billion rupees ($558 million), a person with direct knowledge of the matter said, Bloomberg News reported. The 154-year-old group, controlled by the reclusive billionaire Pallonji Mistry and his family, expects the deals to be clinched by March next year, the person said, asking not to be identified as the discussions with prospective investors are private. A spokesman for the Mumbai-based conglomerate declined to comment on asset sales or the total group debt.

Housing Development & Infrastructure Ltd. fell to a record and Oberoi Realty Ltd. dropped as authorities intensify their clean up of India’s struggling property sector, Bloomberg News reported. Bankruptcy proceedings will begin against HDIL after creditor Bank of India filed an application, the developer said in a filing Tuesday, adding that it will appeal the decision.

Indian tycoons including Ajay Piramal and Pallonji Mistry are grappling with a prolonged realty slump that’s adding to the shadow banking crisis, showing that even the nation’s richest can’t escape widening cracks in the debt market, Bloomberg News reported. Ratings of some companies in the conglomerates run by billionaires Piramal and Mistry have been cut as the business environment worsened and funding costs rose.

Videocon Industries said on Monday it is unable to publish its financial results for the quarter ended June 30 due to the ongoing consolidation of insolvency proceedings of it along with other 12 group firms, The Economic Times reported. In a regulatory filing, the company said filing of the quarterly results have been delayed due to the complexity involved in the consolidation of corporate insolvency resolution process (CIRP) the 13 group companies as directed by the Mumbai bench of National Company Law Tribunal (NCLT).

India’s jobs scene -- with unemployment at a 45-year high -- is looking gloomy with hiring activity slowing across most sectors, Bloomberg News reported. Banks, insurers, auto makers and logistics and infrastructure companies are among those hiring at a slower pace, according to the study by Care Ratings Ltd. that relied on annual reports for the year ended March from nearly 1,000 companies. The services sector, which accounts for a bulk of the economy, was the lone sweet spot that displayed robust jobs growth, the study by the credit assessor showed.

The government plans to give debt waiver for "small distressed borrowers" under the insolvency law framework, according to a senior official. The proposed waiver would be offered as part of 'Fresh Start' provisions under the Insolvency and Bankruptcy Code (IBC), TimesNetwork reported. Corporate Affairs Secretary Injeti Srinivas said discussions have been held with the microfinance industry regarding criteria for the proposed waiver for small distressed borrowers from the economically weaker section (EWS).

Indian shadow bank Infrastructure Leasing & Financial Services (IL&FS), which collapsed late last year, may not have disclosed bad loans on its books for years despite a big part of its loan book having soured, a report from India’s central bank said, Reuters reported. The Indian government took control of IL&FS late last year after it defaulted on some of its debt, triggering wider concerns about risk in the rest of the country’s financial system. The government also appointed a new board.

An offer from a potential investor is critical for Indian wind turbine maker Suzlon Energy Ltd. to repay lenders and continue as a going concern, its auditor Deloitte Haskins & Sells LLP said in a review report Wednesday, Bloomberg News reported. The offer envisages infusion of additional equity in Suzlon and a waiver of some of the amount due to lenders and bond holders. Based on that, a one-time settlement has been proposed to lenders, the auditor said. “Improvement of liquidity condition is contingent upon fructification of the offer,” Deloitte said.

Investors are awaiting stimulus measures from the Indian government as a gloomy economic outlook adds to mounting credit market woes and raises fears defaults will spread, Bloomberg News reported. The government is planning measures to boost the economy and may announce some steps this week to help demand for housing, automobiles, and to spur small businesses, an official said on Friday. Credit profiles of the nation’s companies worsened to a 19-month low in July, according to a Care Ratings index that tracks 1,601 local firms.

Billionaire Mukesh Ambani’s Reliance Industries Ltd. is on a mission to reduce debt after racking up $76 billion in capital expenditure in the last five years, Bloomberg News reported. The conglomerate aims to be a zero-net-debt company in 18 months, Asia’s richest man told shareholders Monday. Aiding that effort would be a decision to sell 20% of Reliance’s oil-to-chemicals business to Saudi Arabian Oil Co., or Aramco, at an enterprise value of $75 billion. The company will also start preparing to list its retail and telecommunications units within five years, Ambani said.