(Updates to add CEO comment)
MUMBAI/BENGALURU, July 31 (Reuters) - India's Essel Group on Wednesday said it will sell part of its stake in its ZEE Entertainment Enterprises Ltd for 42.24 billion rupees ($614.19 million) to Invesco Oppenheimer Developing Markets Fund.
The deal here to sell 11% to the fund comes as the founders of Essel Group reduce their stake in Zee in a bid to pay off a debt of about 110 billion rupees by September this year.
Oppenheimer Developing Markets Fund already owned 7.74% of Zee Entertainment at the end of June quarter, according to regulatory filings.
Essel Group is also in the process of divesting some of its non-media assets, the conglomerate said in a statement.
These assets include businesses in solar energy, road projects and transmission.
"We have non-binding offers (on non-media assets) which we are negotiating," Punit Goenka, Managing Director and CEO, ZEE Entertainment Enterprises Ltd, said in an investor call.
"We want to maximize non-media asset realization so that we have to sell as little as possible of ZEE, which is our crown jewel. Having said that our priority is debt payment."
Separately, a consortium led by U.S. cable and media giant Comcast Corp that includes Atairos, Blackstone and James Murdoch's Lupa Systems earlier this week submitted a binding offer to buy out Essel Group chairman Subhash Chandra from Zee Entertainment, the Economic Times reported on Tuesday.
$1 = 68.7735 Indian rupees Reporting by Sankalp Phartiyal and Chandini Monnappa; editing by Uttaresh.V and Deepa Babington