The media baron, who has been grappling with massive debt at Essel Group since 2019, said in another open letter that most of the debt has been paid off. He intends to start anew with a venture in digital video…

Subhash Chandra, the founder of Essel, through another open letter has disclosed plans to start a new venture focussing on the digital video space. In his second open letter in as many years, the media veteran also disclosed the status of the debt repayment that has plagued the Essel Group since early 2019.

Chandra shared, “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 yet another pioneering venture.”

Chandra also outlined the progress made in repaying the debt accrued by Essel. “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% of the 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,” he wrote.

In the process of repaying the substantial debt, Chandra has exited many key businesses, which include infrastructure, financial services, print media among others. He also conceded that group companies like Zee Learn, Siti Cable, and Zee Media corporation continue to face tough times due to lack of capital. The family’s DTH business – Dish TV, run by Chandra’s brother Jawahar Goel is also navigating choppy waters.

https://cio.economictimes.indiatimes.com/news/corporate-news/subhash-chandras-next-venture-to-be-ai/ml-for-digital-video/85027657