Essel Group Chairman Subhash Chandra said on Tuesday that he has settled 91.2 per cent of the debt to 43 lenders.
In an open letter, he said that the remaining dues are in the process of being paid.
In his first open letter issued on January 25, 2019, Chandra had apologised for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&FS case and had committed to repay the monies to the best of his abilities.
The asset divestment process certainly received a setback during the Covid pandemic, which slowed down the overall debt resolution process.
Chandra aspired to release the mentioned second open letter after settling 100 per cent of the debt to the lenders, however, the unprecedented times led to a delay, said a statement.
Chandra said, “I am happy to report that we have come out of the financial stress situation by settling 91.2 per cent of our total debt to 43 lenders in 110 accounts. 88.3 per cent amount has been paid, while the remaining 2.9 per cent is in the process of being paid. We are making all the required efforts to settle the remaining 8.8 per cent of our total debt.”
The Essel Group Chairman added that he has no regrets for parting with a substantial ownership in the business, especially in the “jewels of the crown”.
“This was done to keep the family’s honour,” he said.
Further, Chandra shared his next steps in terms of setting up a venture in the video space in the digital ecosystem. With a vast experience of 53 years, Chandra is all set to once again shake up the digital video landscape by leveraging state-of-the-art technology.
He said: “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 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.”
Commenting on the development, Co-Founder and Chairman of ENAM, Vallabh Bhansali, said: “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 pale 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 50 years of my business career, I can’t think of a parallel.”