Chandra to settle debt, reclaim Dish

Essel Group founder Subhash Chandra is poised to settle the ₹6,500 crore debt it owes JC Flowers Asset Reconstruction Co. (ARC) for close to ₹1,500 crore to regain ownership of the family’s stake in assets, including Dish TV and Zee Learn, as well as three properties, including a bungalow in central Delhi.

- Gaurav Laghate & Gopika Gopakumar

Chandra’s Essel Group reached an understanding to repay the settlement amount in a phased manner by 31 March and is close to signing a definitive agreement, two people with direct knowledge of the development said. Mint first broke the story on 21 July that Chandra had initiated talks with JC Flowers to buy back his family’s stake in Dish TV for close to ₹1,500 crore. However, the two disagreed on the payment deadline, with JC Flowers ARC earlier insisting on full payment by 31 January. “Essel Group companies had a large exposure to JC Flowers ARC of ₹6,500 crore. Sometime back, Chandra had approached with an offer to settle. It took over a month, but finally, they agreed to settle the loans. Some amount pertains to Dish TV, some to Zee Learn a