Subhash Chandra’s debt ridden Essel Group may sell four toll road projects to the National Investment & Infrastructure Fund (NIIF) to raise around $350 million (about Rs 35 crore) to help tide over their financial crisis, reports Bloomberg.
Two of the prospective on-sale projects are already operative while two are under construction. While nothing is final yet, the talks are on-going and may result in the sale by September, the article quoted sources as saying.
Moneycontrol could not independently verify the report.
An Essel Group representative confirmed the sale plan to the wire agency without revealing the buyer. A spokesperson told the wire that it does not comment on market speculation.
The Group has been selling assets to clip back debts worth $1.6 billion (Rs 160 crore), beginning with the sale of 11 percent stake in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for Rs 420 crore.
The Group is looking to rake up the debt amount to repay all lenders by September, it added.
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