“The Group is also constantly working towards arriving at a closure on the divestment of the additional 480 MW solar assets portfolio,” it said. An Essel Group spokesperson noted that its asset divestment process is well within the purview of the agreed timelines with its lenders.

“The sale of the Group’s solar assets to AGEL is yet another positive step taken in this direction,” the executive said. The proceeds from the solar asset sale are set to help promoters of Essel group to bring down its debt level. The promoter’s debt which was earlier Rs 11,000 crore got reduced by Rs 4,224 crore post Invesco Oppenheimer deal, bringing the figure down to Rs 6,776 crore.

US-based Invesco-Oppenheimer Developing Markets Fund had last month agreed to pick up 11 per cent stake in Zee Entertainment Enterprises Ltd (ZEEL), the flagship media company of Essel Group, for a total of up to Rs 4,224 crore.