IAG, which holds 26% in the general insurer, has started preliminary talks to hire an investment bank to manage the sale process.
The plan could see Etihad Airways raise its stake from the current 24%, and Jet Airways’s promoter and founder Naresh Goyal cede control of the airline.
The NBFC, which is in talks with General Atlantic and Warburg, plans to dilute a significant minority stake.
Essel Group has been looking to deleverage by selling stakes in various group businesses, including Zee, Essel Propack and Essel Infraprojects.
The resolution plan comprises fresh equity infusion and restructuring of $450 million of its loans.
The 2019 elections will increase volatility in the short term but are unlikely to impact the investment strategies of strategic investors, he said.
Vodafone Idea’s net debt stood at Rs 1.2 trillion as of September and the company urgently needs to shore up its equity base.
He is of the opinion that while India needs to improve on several fronts that include removing regulatory bottlenecks and improving the ease of doing business, the country has done well with its pace of reforms in recent years.
Siddhartha and Coffee Day Enterprises Ltd and Coffee Day Trading Ltd hold around 21% stake in Mindtree, along with another 26% through other entities.
An unrivalled all-stock offer is what it took Hindustan Unilever Ltd to stave off several suitors for GlaxoSmithKline Consumer Healthcare Ltd.