After settling 91% debt as per his commitment to lenders; Essel Group Chairman Dr Subhash Chandra is gearing up for another pioneering venture.
Essel GroupChairman, Dr Subhash Chandra has revealed that over 91% of the debt has been settled to 43 lenders. The remaining dues are in the process of being paid, he said in an open letter.
Alongside the details of the debt resolution process, Dr Chandra has also revealed that he is set to pioneer another venture, this time in the video space in the digital ecosystem.
This was the second open letter from the billionaire media baron who is also a member of the upper house of the Indian Parliament. In his first open letter back in January 2019, Dr Chandra had issued an apology to lenders for hardships faced due to the liquidity crisis which was triggered by the IL&FS case. He had committed to repaying the dues to the best of his abilities.
Dr Chandra has managed to fulfil his commitment with the support and trust of lenders. Dr Chandra has aspired to release the second letter only after 100% settlement of the debt to the lenders. However, unprecedented circumstances induced by the COVID-19 pandemic slowed down the overall debt resolution process.
Dr Chandra shared key points related to the debt resolution process, “I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. 88.3% amount has been paid, while the remaining 2.9% is in the process of being paid. We are making all the required efforts to settle the remaining 8.8% of our total debt. I have no regrets for parting with a substantial ownership in the business and specially in the ‘jewels of the crown’. This was done to keep the family’s honor.”
As elaborated by Dr Chandra, he desires to settle the remaining dues before the end of the fiscal year.
Noted investment banker, venture capitalist and stock market expert, Vallabh Bhansali, Co-founder and Chairman, ENAM, remarked on Dr Chandra's open letter, “In nearly forty years of my friendship with Subhash ji he always made me feel proud. I must say that his achievements as a visionary businessman pales before his act of honour to sacrifice all he built for the sake of it. So also his humility to admit his errors openly. In fifty years of my business career, I can’t think of a parallel.”
Dr Chandra’s new venture
Dr Chandra reiterated his exit from the Infrastructure, Financial services & Print Media businesses.
Nevertheless, the pioneering businessman is set to bounce back with a new pioneering venture. Dr Chandra aims to disrupt the digital video landscape with the help of state-of-the-art technology.
Dr Chandra shed light on his future plans, “I have earned a fair experience in the video business; hence I am exploring new ways / business opportunities in the “video in digital space” as well as AI/ML (Artificial Intelligence & Machine Learning) in the video space, without getting into any conflicts with ZEEL, in any manner. I will provide the specifics very soon and you all will witness the initial phase of launch, of a yet another pioneering venture.”
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 "After resolving debt crisis, Dr Subhash Chandra set to disrupt digital video space with new venture")
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