Indian conglomerate company, Essel or the Zee Group, has entered an agreement with lenders that includes mutual funds, to pay off the accumulated debt in its infrastructure business. 

Essel Group is looking for buyers for its assets in road infrastructure, electricity transmission and solar energy. The group is in talks with Adani Group for the solar portfolio with estimated value about INR20 billion (US$288 million). Essel is also in negotiations with Canadian fund manager Caisse de depot et placement du Quebec (CDPQ) for the sale of three road projects and with Edelweiss Infrastructure Fund for its two power transmission lines. 

Based on the initial assessment, the infrastructure deals could bring up to INR70 billion (US$1.007 billion) to pay for INR114 (US$1.64 billion) of debt. The company has two non-binding bids, term sheets under live negotiations and that the parties were waiting for the fourth quarter results to be published towards the end of May. It is expected that by the end of July the process will be completed.