Essel Group is in talks with Cube Highways and Infrastructure and Caisse de dépôt et placement du Québec (CDPQ) to sell three of its toll roads.

Sources told LiveMint that the deal could result in Rs15bn ($214m) for Essel. Essel Group plans to reduce its debt through this deal.

Essel Group was looking to sell six of its road assets. However, investors were interested in buying only three-four, which are toll roads while the others were annuity assets.

Shares of Essel Group’s flagship company Zee Entertainment Enterprises Ltd (ZEEL) plunged in January after the company deferred a scheduled interest payment.

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Essel Group has been struggling to repay its debt obligations. If the deal materialises, it would be a significant reprieve for the group.

Lenders have agreed to wait until September this year for the company to sell its various assets, including up to 50% of promoters’ stake in ZEEL.

“Our core objective is to come out clean from this by repaying everyone’s money and that too happily.”

The company is also planning to sell stakes in its asset management business and renewable energy.

A source has been quoted by Livemint as saying: “Essel Infra’s asset divestment process is in healthy progress as per the planned approach. At this stage, we do not wish to comment on any other information and the same will be communicated when the deal concludes.

“We are also bound by confidentiality agreements signed with the potential suitors, which do not permit us to divulge any additional information.”

In an interview with Economic Times, Essel Group’s chairman Subash Chandra stated to have received interest from five suitors whose bids are expected to be submitted by the first week of May.

EconomicTimes has quoted Chandra as saying: “Lenders have given us time till 30 September, and I’m confident that the deal should very well happen by then. Our core objective is to come out clean from this by repaying everyone’s money and that too happily.”