New Delhi, Sept 25 : Business conglomerate Essel Group said its lenders have unanimously agreed to extend the timeline for making pending payments. The extension, it added, will enable the group to optimise the value output from sale of its assets. “The timeline was requested purely in the interest of deriving the right value of the precious assets of the Group,” it said in a statement on September 25, adding that Essel Group remains confident on further divestments, including its non-media assets. Sources told Moneycontrol that Essel Group has received a six months extension to repay dues from Aditya Birla Asset Management Company, HDFC AMC, Franklin Templeton AMC, and three others. On September 20, the group had said it was in a steady and progressive dialogue with all lenders. It had also asked its lenders to extend its September 30 deadline for repayment of debt of around Rs 7,500 crore owed to few mutual funds and non-banking institutions.
