MUMBAI: After his first open letter, issued on January 25, 2019, Essel Group Chairman Subhash Chandra today issued a second such letter in which he shared the details of the debt resolution process and the steps taken to pay off the lenders. 

In the communication issued by the company, he has said that his company had settled over 91 per cent of the debt to 43 lenders, and the remaining dues were in the process of being paid. He also announced that he would be now pursuing new business segments like the video digital space a sector that has been booming especially since the COVID-19 pandemic. 

His statement said, "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."

In January, 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 repaying the monies to the best of his abilities.

In his second open letter, Chandra reiterated that the group has exited or sold the businesses of infrastructure, financial services, renewable energy and print media, and a few more. He has also sold a sizable part of his holding in Zee Entertainment. 

"We are making all the required efforts to settle the remaining 8.8 per cent of our total debt. I have no regrets for parting with substantial ownership in the business and especially in the ‘jewels of the crown’. This was done to keep the family’s honour," Chandra said.

Without divulging any details, Chandra spoke of his new business endeavours. "I am exploring new business opportunities in the video digital space as well as (artificial intelligence and machine learning) in the video space without getting into conflicts with ZEEL in any manner," he said.