Subhash Chandra-led Essel Group is looking to divest up to 50 percent stake in the Zee Entertainment Enterprises Ltd to a foreign strategic partner.

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"Essel Group plans to sell the stake as part of a strategic review of its businesses in view of the changing global media landscape," the company said in a stock-exchange filing on Tuesday.

According to the filing, Essel has appointed Goldman Sachs Securities (India) Ltd as its investment banker and LionTree as an international strategic adviser for this exercise. Essel expects the outcome of the strategic review to be concluded by March/April 2019.

The company feels that the review is necessary to pursue disruptive technological development and transform the business into a tech-media company, the company said.

"The strategic review included the importance artificial intelligence, Internet of Things, 3D printing and other technological advancements. There is informed recognition that the world is convergent today and the lines across media, telecom, manufacturing and technology are thinner than ever,” it said.

"These developments will impact virtually all businesses across sectors and business practices will be driven by technological innovation. The review showed that the family needs to accelerate efforts to stay ahead of changing trends," the filing said.

First Published:Nov 13, 2018 9:00 PM IST