The deal between Subhash Chandra’s Essel group, the promoters of direct-to-home (DTH)) company Dish TV, and Sunil Mittal’s Bharti Airtel has been called off due to differences over valuation. The promoters are now in talks with a global financial investor, which has no operations in the country, to pick up half their stake.
The cash generated from such a sale will be used as part of the plan by the Essel group to buy back 5 per cent in flagship company Zee Entertainment Enterprises (ZEEL) in the next 12 months. According to sources close to the discussions, it expects to get