Essel to sell 25% stake to save ICL
November 21, 2007 • Indian Cricket League
Zee’s Essel Sports is looking to divest 25% off its share to private equity companies to infuse cash into the Iindian Cricket League (ICL) operations. Asish Kaul, EVP of Zee Entertainment said: “Several companies have come forward to associate themselves with Essel Sports. Indian and foreign institutional investors have also shown interest in being equity partners.”
He added that further decission on the process would only be taken after the start of the ICL’s inagural season.
As a result of the launch of the BCCI’s own Twenty20 league th Indian Premier League (IPL) the sponsers are hard to come by ICL.
Till now ICL has confirmed four companies — SAB Miller as drinks partner, Provogue as apparel partner, Microsoft as its online partner and Thomas Cook as travel partner. Infrastructure Leasing & Financial Services Limited (IL&FS) will finance the building of infrastructure