Essel Infraprojects is reportedly in the final stage of discussions to sell its solar business to private equity investor Actis. According to Financial Express the sale of solar portfolio totaling 685 mw could fetch the company around Rs 4,500 to 5,000 crore.
The company has been in talks with several other investors for last few months to sell its roads portfolio.
The company’s renewable portfolio includes 163 mw of hydro power and 560 mw of wind power.
According to reports, Essel is in the middle of debt repayment crisis that came to light after the media reported on alleged money laundering in one of its group companies. Recently Subhash Chandra who is founder of Essel group and Zee network issued an open letter on the same day when Zee’s share fell on face, alleging that negative forces were scuttling his efforts to find a buyer for his stake in Zee Entertainment.