Essel Group and lenders agree on timeline extension
The extension of timeline will enable the Group to optimise the value output from the sale of its assets
Multi-faceted business conglomerate Essel Group has announced and confirmed that its lenders have unanimously agreed to extend the timeline, enabling the Group to optimise the value output from the sale of its assets.
As per an official communication issued on 20th September 2019, the Group was in a steady and progressive dialogue with all the lenders. The mentioned extension of the timeline was requested purely in the interest deriving the right value of the precious assets of the Group, the company said in a statement.
The lenders have extended complete support to the Group and its Promoters, recognising the intrinsic value of the assets and the overall asset divestment process undertaken. The Group remains confident on further divestments including its non-media assets, the statement read.
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