“Essel would prefer to close the sale of its assets by the end of the financial year so as not to miss a payment deadline,” Livemint quoted a person aware of the above development.
In 2016, Essel Infra had begged $132 million (Rs 900 crore at the time) from Piramal Enterprises and its Dutch partner, APG Asset Management.
A spokesperson for Piramal Capital and Housing Finance told the daily: “The principal outstanding under the facility to Essel Green Infra is Rs 220 crore. Essel Green Infra currently has a portfolio of approximately 700 MW of solar assets across multiple subsidiaries, the value of which acts as security for our outstanding exposure. There is interest payment of Rs 15.5 crore that is due in the next 90 days. No principal repayment is due. The management of Essel Infra has been looking to monetise their solar portfolio and we understand that multiple parties have been evaluating the same.”