Mumbai, Sept. 14 -- The Reserve Bank of India's push for Tata Sons to list has handed its largest minority shareholder Shapoorji Pallonji Group a potential lifeline. The catch: it could take years to arrive.

For the debt-strapped SP Group, a listing could offer a way out-making its 18.37% stake more liquid and providing a market-based valuation that could help resolve a long-running dispute with the Tata Group over what the holding is actually worth.

The problem is timing. A Tata Sons listing, even if it goes ahead, could take several years, while the SP Group is facing near-term debt repayments and tight liquidity, according to experts. The RBI's decision could also reduce the urgency for the Tata Group to settle its differences with t...