Mumbai: Expressing confidence over its ability to repay loans, debt-laden Essel Group on Thursday said that the resolution for repayment to its lenders will be ready by September 2019.
"As per the arrangement with the lenders, a resolution for the repayment will be achieved by September 2019. Essel Group is confident to complete the repayment towards each and every lender," the group said in a statement.
It, however, said that it cannot comment on the arrangement between Kotak Mahindra Asset management Company (AMC) and its investors.
The development comes as an AMC is said to have withheld dues to holders of a fixed maturity plan (FMP) that matured some time back. The AMC is believed to have taken the step owing to delay in repayments of some debt instruments issued by the companies of Essel Group.