EXCLUSIVE | ‘Every day is a new beginning, I live in the present’: Essel Group Chairman Dr Subhash Chandra
Essel Group Chairman Dr Subhash Chandra speaks on a range of topics, including group debt, financial position and personal values, in this exclusive interaction with Zee Business Managing Editor Anil Singhvi.
Essel Group Chairman Dr Subhash Chandra believes strength lies in facing problems, not in running away from them. "Problems occur in everyone's lives... Courage is in facing them with an open heart," said Dr Chandra, in an exclusive interview to Zee Business Managing Editor Anil Singhvi.
From debt reduction, financial position, and the planned Zee-Sony India merger to personal values, Dr Chandra spoke on a range of topics in this exclusive interaction with the market wizard. "Every day is a new beginning… I live in the present," the Essel Group Chairman said.
Founded in 1926, the Essel Group today is in the process of repaying its debtors. The group started servicing its debt obligations in January 2019 and plans to be completely debt-free soon. "Rs 40,000 crore has been paid to lenders so far... The group has paid Rs 50,000 crore in interest itself," said the Essel Group Chairman.
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"Our intention is clean... We will repay all our lenders," Dr Chandra added.
The group had never defaulted from 1967 to 2019, he highlighted. ALSO READ: Dr Subhash Chandra says Essel Group to be debt-free soon
"Lenders have supported the group a lot, knowing that we have sold valuable assets to repay… I don’t think they have supported any other corporate this way… That is because they have seen us selling our crown jewels to repay debt," Dr Chandra said.
He also pointed out that the group has settled much of its debt. The group remains committed to meeting its financial obligations with humility, said the media baron, who is currently mentoring startups operating in technology and other areas.
Dr Chandra also said he hopes the Zee-Sony India merger will be completed soon. A planned merger between Zee Entertainment Enterprises, an Essel group company, and Sony India, part of Japan's Sony, is set to create a $10 billion entity. Dr Chandra added that he has no major role to play in the Zee Entertainment-Sony India merger.
Speaking on personal life and experience, Dr Chandra said: "One learns a lot in bad times... In fact, in good times, a person refuses to learn."
"I have learned a lot in bad times," said Dr Chandra.
He also said the group's philanthropy trust will continue to operate normally.
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