The transaction is part of Tata Steel’s strategy to offload its marginal assets globally and find partners for its more significant international businesses.
JSW is likely to be an equity partner with the Ruias’ Essar group, along with foreign financial investors.
Essel Infra is in talks with Cube Highways and Infrastructure, Adani Enterprises and three Canadian pension funds.
The group is undertaking a series of asset monetization programmes to pay off its ₹91,000 crore debt.
Other overseas entities that have shown interest include German airport operator AviAlliance, Global Infrastructure Partners (GIP) and Sydney-based AMP Capital.
Cube Highways was set up by I Squared Capital along with World Bank arm International Finance Corp.
This is part of the asset monetisation programmes being undertaken by IL&FS to pay off its debt burden of ₹91,000 crore.
Waaree’s solar plants have been on the block for nearly a year. ReNew Power, India’s largest developer by capacity, has evaluated them for an acquisition, but talks fell through earlier this year.
Essel Infra, part of media mogul Subhash Chandra’s Essel Group, put its solar assets on the block in early 2018.
Bankers are said to have approached Macquarie and Brookfield for the sale of IL&FS’ road assets.