Essar said to face asset sale challenge from IDFC private equity
Essar Group, the Indian conglomerate grappling with debt after an $18 billion spending spree, is in the midst of a dispute with IDFC Ltd.’s private-equity arm that could delay planned asset sales, people with knowledge of the matter said. The group’s Essar Power Ltd. unit is in arbitration with IDFC’s India Infrastructure Fund over disagreements on plans to sell the Vadinar power plant in western India, according to the people, who asked not to be identified because the information is private. India Infrastructure Fund sued Essar Power in the Delhi high court in 2014, claiming the Indian electricity generator hadn’t sought its permission for the divestiture as required by the terms of its investment, according to court filings. The dispute .....