EXCLUSIVE | Essel Group will be debt-free soon: Chairman Dr Subhash Chandra to Anil Singhvi
Dr Subhash Chandra Exclusive interview: The Chairman said that the aim is to service debt by selling assets and till now, the company has repaid Rs 40,000 crore to the lenders.
Dr Subhash Chandra Exclusive interview: Dr Subhash Chandra, the chairman of the Essel Group, in an exclusive interaction with Zee Business' Managing Editor Anil Singhvi, said the group will soon become debt-free. The chairman said that the aim is to service debt by selling assets, and till now, the company has repaid Rs 40,000 crore to the lenders. So far, "we have paid Rs 50,000 crore in interest as well," Dr Chandra added. Further, he said that the group has repaid the debt by selling some highly valuable assets and that he has mortgaged his home too to repay the debt. Dr Chandra added that they have taken a pledge to repay everyone's debt with humility.
Further, he informed Anil Singhvi that Dish TV is debt-free today and the Zee Enterprises-Sony merger process is expected to be completed soon. The chairperson further told the market expert that these days he is mentoring startups. On the ups and downs of life, Dr Chandra said, "A strong person never runs away from the problem but fights it." He further said that bad times taught him a lot.
When did the debt-repayment process begin?
The Chairman of Essel Group, which has completed 97 years, revealed in the interview that the group started repaying debt in January 2019. "It was our aim to repay all our debts by March 31, 2023; however, it couldn't be executed as the assets couldn't be sold due to some reasons," Dr Chandra said. However, he added that some assets are likely to be sold, after which the debt will be repaid.
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Dr Subhash Chandra on lenders
When asked about some lenders who are creating controversies around debt, Dr Subhash Chandra replied that lenders have supported Essel Group a lot. In his words, "Lenders know that Essel Group has repaid the debt by selling valuable assets." The chairman further said that from 1967 to 2019, Essel Group has never defaulted.
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