The company released a statement: “The stake sale process of Zee Entertainment Enterprises Ltd undertaken by Essel Group is in steady progress and at an advanced stage.”
In Nov. last year, ZEEL had announced that its promoters, led by Subhash Chandra, planned to sell up to 50% of their equity stake in the company to a strategic partner. In April 2019, it was reported by the media that Mittal’s Bharti Airtel had started due diligence of ZEEL and is expected to make a formal proposal soon. The report also quoted sources that Ambani’s Reliance Jio Infocomm is also considering a bid.
As reported earlier, Essel Group in January had sealed a formal agreement with its lenders, under which it gets time till September to deleverage or pare its debt. On 25th January, Essel group companies saw a combined erosion of Rs 13,352 crore in market valuation following reports that a promoter entity is being probed for cash deposits after demonetisation.