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Essel Group, (also known as Zee Group) is an Indian multinational conglomerate
holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
and
corporate promoter A corporate promoter is a firm or person who does the preliminary work related to the formation of a company, including its promotion, incorporation, and flotation, and solicits people to invest money in the company, usually when it is being fo ...
headquartered in
Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the secon ...
, Maharashtra,
India India, officially the Republic of India ( Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the ...
. The company has had business interests in
mass media Mass media refers to a diverse array of media technologies that reach a large audience via mass communication. The technologies through which this communication takes place include a variety of outlets. Broadcast media transmit informatio ...
, infrastructure and packaging. It operates the subsidiary of
Zee Media Corporation ''Zee Media Corporation Limited'' (abbreviated as ZMCL; formerly Zee News Limited) is the news broadcasting company of the Essel Group which is controlled by Subhash Chandra. The company is engaged mainly in the business of broadcasting of new ...
. Encumbered with severe debt, Essel has sold off several of its assets, including Essel Propack and stakes of Zee Entertainment Enterprises. Founded in 1926 as the Messrs Ramgopal Indraprasad by Jagannath Goenka, the company was expanded and converted into the Essel Group of Industries by his grandson, Subhash Chandra. Chandra is part of the Goenka (Goel) family which owns and operates the group; he was also the chairman of the company and a
Bharatiya Janata Party The Bharatiya Janata Party (BJP; ; ) is a political party in India, and one of the two major List of political parties in India, Indian political parties alongside the Indian National Congress. Since 2014, it has been the List of ruling p ...
-backed member of the
Rajya Sabha The Rajya Sabha, wikisource:Constitution of India/Part V#Article 80, constitutionally the Council of States, is the upper house of the bicameral Parliament of India. , it has a maximum membership of 245, of which 233 are elected by the legisl ...
.


History


1926–1967

In 1926, Jagannath Goenka founded the Messrs Ramgopal Indraprasad as a commercial firm to deal in
food grain A grain is a small, hard, dry fruit (caryopsis) – with or without an attached hull layer – harvested for human or animal consumption. A grain crop is a grain-producing plant. The two main types of commercial grain crops are cereals and legume ...
s at the ''mandi'' ( product market) in Adampur, Hisar. In 1946, as a result of poor performance in Adampur, the firm moved to the town of Hisar. Goenka attempted to expand the business in 1948 by setting up a
pulses In medicine, a pulse represents the tactile arterial palpation of the cardiac cycle (heartbeat) by trained fingertips. The pulse may be palpated in any place that allows an artery to be compressed near the surface of the body, such as at the ...
polishing factory in
Delhi Delhi, officially the National Capital Territory (NCT) of Delhi, is a city and a union territory of India containing New Delhi, the capital of India. Straddling the Yamuna river, primarily its western or right bank, Delhi shares borders wi ...
, but he suffered heavy losses, forcing him to cease Delhi operations in 1951. He moved the Delhi machinery to Hisar, where he was able to turn consistent profits by selling polished
whole grain A whole grain is a grain of any cereal and pseudocereal that contains the endosperm, germ, and bran, in contrast to refined grains, which retain only the endosperm. As part of a general healthy diet, consumption of whole grains is associated ...
s to
Gujarat Gujarat (, ) is a state along the western coast of India. Its coastline of about is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some ; and the nin ...
and
South India South India, also known as Dakshina Bharata or Peninsular India, consists of the peninsular southern part of India. It encompasses the States and union territories of India, Indian states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and T ...
. By 1966, the firm was operating one
dal In Indian cuisine, ''dal'' (also spelled ''daal'' or ''dhal''; pronunciation: , Hindi: दाल, Urdu: ) are dried, split pulses (e.g., lentils, peas, and beans) that do not require soaking before cooking. India is the largest producer of p ...
mill Mill may refer to: Science and technology * * Mill (grinding) * Milling (machining) * Millwork * Textile manufacturing, Textile mill * Steel mill, a factory for the manufacture of steel * List of types of mill * Mill, the arithmetic unit of the A ...
and two cotton ginning factories.


1967–1992

In 1967, the business suffered a series of losses, leaving the Goenka family at a net deficit of . Between 1967–68, the Goenkas' connections in the
Food Corporation of India Food is any substance consumed by an organism for nutritional support. Food is usually of plant, animal, or fungal origin, and contains essential nutrients, such as carbohydrates, fats, proteins, vitamins, or minerals. The substance is inges ...
(FCI) helped the family secure not only a deal to supply it with polished pulses and cleaned
barley Barley (''Hordeum vulgare''), a member of the grass family, is a major cereal grain grown in temperate climates globally. It was one of the first cultivated grains, particularly in Eurasia as early as 10,000 years ago. Globally 70% of barley ...
but also a later contract for storage of food grains. In 1973, control of the company was handed over to Subhash Chandra, the grandson of Jagannath Goenka. The company renamed itself the Essel Group in 1976. After acquiring a storage contract with the FCI in the same year, Essel established a new subsidiary, Lamina Packers, to manufacture packaging materials. In 1981, Essel obtained lucrative export contracts for rice and soya beans as a result of Indo–
USSR The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen nation ...
bilateral
trade agreement A trade agreement (also known as trade pact) is a wide-ranging taxes, tariff and trade treaty that often includes investment guarantees. It exists when two or more countries agree on terms that help them trade with each other. The most common t ...
s. According to a 2014 estimate, Essel Group's net worth by 1982 was over . In December 1982, Lamina Packers became incorporated as Essel Packaging, which marked Essel Group's full-blown venture into the
packaging industry {{set category, first=industries Industry may refer to: Economics * Industry (economics), a generally categorized branch of economic activity * Industry (manufacturing), a specific branch of economic activity, typically in factories with machin ...
, with the primary product being the laminated tube units that originated with Lamina Packers. In 1983, the group also began investing in a future amusement park in Mumbai. EsselWorld opened six years later, becoming India's first amusement park. Although the park was partly meant to signal that its parent corporation wanted to be a major force in the
entertainment industry Entertainment is a form of activity that holds the attention and Interest (emotion), interest of an audience or gives pleasure and delight. It can be an idea or a task, but is more likely to be one of the activities or events that have dev ...
, EsselWorld has always been unprofitable.


1992–Present

As of 1992, Essel Group began to take a bigger interest and stake in the entertainment industry. That year it incorporated Zee Telefilms Ltd and then looked for a place where Zee's content could be broadcast. Zee and Star TV entered into a joint venture called Asia Today Ltd so Zee could lease a
transponder In telecommunications, a transponder is a device that, upon receiving a signal, emits a different signal in response. The term is a blend of ''transmitter'' and ''responder''. In air navigation or radio frequency identification, a flight trans ...
from satellite network AsiaSat. The transponder agreement was signed in April 1992, and
Zee TV Zee TV (stylised as ZEE TV) is a Hindi general entertainment pay television Pay television, also known as subscription television, premium television or, when referring to an individual service, a premium channel, refers to Subscription bus ...
began broadcasting on 1 October. It was India's first
Hindi Language Hindi (Devanāgarī: or , ), or more precisely Modern Standard Hindi (Devanagari: ), is an Indo-Aryan language spoken chiefly in the Hindi Belt region encompassing parts of northern, central, eastern, and western India. Hindi has bee ...
satellite channel, and by 1994 it had captured 65% of the satellite market share. Zee TV remained the market leader until 2000. In 1994, Essel Group incorporated Siti Cable to be the
distribution Distribution may refer to: Mathematics *Distribution (mathematics), generalized functions used to formulate solutions of partial differential equations *Probability distribution, the probability of a particular value or value range of a varia ...
subsidiary of Zee Telefilms. Siti would provide cable service to customers to expand the reach of Zee's satellite channels. The company continued to develop entertainment channels that successfully competed with
Star India Disney Star Private Limited is an Indian media conglomerate and a wholly owned subsidiary of The Walt Disney Company India. It is headquartered in Mumbai, Maharashtra. Disney Star network runs more than 70 TV channels in eight languages, rea ...
, a Star TV subsidiary. In 1998, Essel/Zee turned to journalism with
Zee News Zee News is an Indian Hindi-language news channel owned by Subhash Chandra's Essel Group. It launched on 27 August 1999 and is the flagship channel of the Zee Media Corporation. The channel has been involved in several controversies and ...
, the first 24x7
Hindi Language Hindi (Devanāgarī: or , ), or more precisely Modern Standard Hindi (Devanagari: ), is an Indo-Aryan language spoken chiefly in the Hindi Belt region encompassing parts of northern, central, eastern, and western India. Hindi has bee ...
news channel in India. In 2000, Zee Telefilms ended its partnership with Star TV by buying out its shares in Asia Today Ltd. Star India was now free to produce programmes in Hindi in an attempt to target local audiences and lure Zee's viewers away. Star India would not be Zee's only competition in the coming years. Both international and regional broadcasters ate away at Zee's market share, some substantially. Zee News saw its market dominance broken with the emergence of competing channels such as
Aaj Tak ''Aaj Tak'' () is an Indian Hindi-language news channel owned by TV Today Network, part of the New Delhi-based media conglomerate Living Media group (India Today Group) Aaj Tak HD On 14 December 2018, Aaj Tak launched India's first Hindi ...
,
STAR News ABP News is an Indian Hindi-language free-to-air television news channel owned by ABP Group. The news channel was launched in 1998 originally as STAR News before being acquired by ABP Group. It won the Best Hindi News Channel award in the 21s ...
, and
NDTV New Delhi Television Ltd is an Indian news media company focusing on broadcast and digital news publication. The company is considered to be a legacy brand that pioneered independent news broadcasting in India, and is credited for launching ...
(after its own separation from STAR News). Trying to get a competitive edge, Zee Telefilms entered into a joint venture with
Turner Broadcasting System Turner Broadcasting System, Inc. (alternatively known as Turner Entertainment Networks from 2019 until 2022) was an American television and media conglomerate. Founded by Ted Turner and based in Atlanta, Georgia, it merged with Time Warner (l ...
in 2002 so Zee's subscription packages could include Turner subscription channels such as Cartoon Network, Pogo, and HBO alongside Zee Telefilm channels. Essel also had high hopes for another market and more viewers when, through its subsidiary
Dish TV Dish, dishes or DISH may refer to: Culinary * Dish (food), something prepared to be eaten * Dishware, plates and bowls for eating, cutting boards, silverware Communications * Dish antenna a type of antenna * Dish Network, a satellite televisio ...
, it launched the first direct-to-home television in India on 2 October 2003. In 2006, Essel separated Zee Telefilms Ltd into three companies: Zee News Ltd, the group's news broadcasting subsidiary; Wire & Wireless India Ltd (later renamed to
Siti Networks Siti Networks Ltd, formerly known as ''Wire and Wireless (India) Limited (WWIL)'', is a multi system operator (MSO) promoted by the Essel Group (now just 6.1% minority stake holder). The company provides digital cable television services in I ...
), the cable distribution subsidiary; and Zee Telefilms Ltd, which remained the group's direct consumer broadcasting arm. (Just a year later, Zee Telefilms Ltd was renamed Zee Entertainment Enterprises Ltd, and in 2013 Zee News Ltd became Zee Media Corporation Ltd.) Zee Telefilms was trying at this time to enter Indian
sports broadcasting The broadcasting of sports events (also known as a sportscast) is the live coverage of sports as a television program, on radio, and other broadcasting media. It usually involves one or more sports commentators describing events as they happen ...
, but acquiring
cricket Cricket is a bat-and-ball game played between two teams of eleven players on a field at the centre of which is a pitch with a wicket at each end, each comprising two bails balanced on three stumps. The batting side scores runs by st ...
broadcasting rights proved very difficult. In 2004, Zee briefly secured rights from the
Board of Control for Cricket in India The Board of Control for Cricket in India (BCCI) is the national governing body for cricket in India. Its headquarters are situated at Cricket centre, Wankhede Stadium in Mumbai. The BCCI is the richest governing body of cricket in the world ...
(BCCI), but the contract was canceled following a legal complaint over the conduct of the rights auction. In 2005, Zee went forward with launching the
Zee Sports Sony Sports Network, formerly Sony Pictures Sports Network, and also known as Sony TEN, is a group of Indian pay television sports channels owned by Culver Max Entertainment (formerly Sony Pictures Networks India). The original TEN Sports cha ...
channel, and in the following year it bought Taj Television, which operated the Ten Sports channels. After years of failing to get cricket broadcasting rights, in 2007 the Zee firms funded their own
Indian Cricket League The Indian Cricket League (ICL) was a private cricket league funded by Zee Entertainment Enterprises that operated between 2007 and 2009 in India. Its two seasons included tournaments between four international teams (World XI, India, Pakista ...
(ICL) and televised its games, but it never gained traction and was phased out after two seasons. Under its own name, Essel Group launched the
Mumbai Football Club Mumbai Football Club was an Indian professional football club based in Mumbai, Maharashtra, that competed in the I-League, then top flight of Indian football league system, alongside the MDFA Elite League. It was founded in 2007, with the ...
that year, which, though it outlasted Essel's investment in sport broadcasting, was defunct by 2019. In 2016, Zee decided to cut its losses and sold all its sport broadcasting assets to
Sony , commonly stylized as SONY, is a Japanese multinational conglomerate corporation headquartered in Minato, Tokyo, Japan. As a major technology company, it operates as one of the world's largest manufacturers of consumer and professional ...
. The joint distribution venture with Turner India ended in 2018. By 2019, Zee Entertainment Enterprises Ltd (ZEEL) was Essel Group's only profit-generating company; the group had accumulated an overall debt of around . During the next year, Essel Group sold off part of its pledged shares in ZEEL for the repayment of some of its debt. Invesco Oppenheimer acquired an 11% stake in the company, while Essel Group's decreased to 22.37%.


Assets


Zee Media Corporation (8.52% stake)

The Zee Media Corporation Limited (abbreviated as ZMCL; formerly Zee News Limited) is the
news broadcasting News broadcasting is the medium of broadcasting various news events and other information via television, radio, or the internet in the field of broadcast journalism. The content is usually either produced locally in a radio studio or televi ...
company of the Essel Group. The company operates a constellation of news channels under the brand name of ''Zee'' including the English language news channel WION. The
Zee News Zee News is an Indian Hindi-language news channel owned by Subhash Chandra's Essel Group. It launched on 27 August 1999 and is the flagship channel of the Zee Media Corporation. The channel has been involved in several controversies and ...
channel is the flagship channel of the company. The Zee Media Corporation also owns and operates the
ZEE5 ZEE5 is an Indian subscription video on-demand and over-the-top streaming service, run by Zee Entertainment Enterprises. It was launched in India on 14 February 2018 with content in 12 languages. The ZEE5 mobile app is available on Web, Andr ...
distribution platform. It was involved in a joint venture with the
Dainik Bhaskar ''Dainik Bhaskar ''is India's largest Hindi-language daily newspaper owned by the Dainik Bhaskar Group. According to Audit Bureau of Circulations, it is ranked 3rd in the world by circulation and is the largest newspaper in India by circul ...
Group for the publication of the
Daily News & Analysis ''Zee Media Corporation Limited'' (abbreviated as ZMCL; formerly Zee News Limited) is the news broadcasting company of the Essel Group which is controlled by Subhash Chandra. The company is engaged mainly in the business of broadcasting of new ...
newspaper but the paper was discontinued in 2019 after suffering loses. The corporation also runs the Zee Institute of Media Arts (ZIMA) which is owned by Zee Learn, the schooling subsidiary of the Essel Group. The Zee Media Corporation was formerly a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises) and existed under the name of Zee News Limited. It was demerged as a separate company of the Essel Group in 2006. The Zee News Limited was renamed to Zee Media Corporation in 2013.


Operated channels By Zee Media Corporation


Defunct/Former channels


Zee Learn

The Zee Learn Limited (abbreviated as ZLL; informally referred to as Zee Schools) is the
for-profit education For-profit education (also known as the education services industry or proprietary education) refers to educational institutions operated by private, profit-seeking businesses. For-profit education is common in many parts of the world, making up ...
company of the Essel Group. Incorporated in 1958, the company did not begin operating until 2010. Zee Learn founded the
private school Private or privates may refer to: Music * "In Private", by Dusty Springfield from the 1990 album ''Reputation'' * Private (band), a Denmark-based band * Private (Ryōko Hirosue song), "Private" (Ryōko Hirosue song), from the 1999 album ''Private ...
chains of Kidzee
preschool A preschool, also known as nursery school, pre-primary school, or play school or creche, is an educational establishment or learning space offering early childhood education to children before they begin compulsory education at primary scho ...
s and Mount Litera Zee
K–12 K–12, from kindergarten to 12th grade, is an American English expression that indicates the range of years of publicly supported primary and secondary education found in the United States, which is similar to publicly supported school grades ...
schools. As of 2019, it had more than 1,900 Kidzee preschools and 120 Mount Litera Zee schools across India and three
institutes of higher education An educational institution is a place where people of different ages gain an education, including preschools, childcare, primary-elementary schools, secondary-high schools, and universities. They provide a large variety of learning environments an ...
; the Zee Institute of Media Arts (ZIMA), Zee Institute of Creative Arts (ZICA) and the Himgiri Zee University, Dehradun (HZU). The company also promotes and operates the
ZeeQ Zee Q was an Indian English cable and satellite television channel, owned by Zee Entertainment Enterprises. The channel was launched on 5 November 2012, for children in the 4 to 14 age group. The 24-hour channel was available on DTH and digital ...
channel of the Zee Entertainment Enterprises. The student
coaching Coaching is a form of development in which an experienced person, called a ''coach'', supports a learner or client in achieving a specific personal or professional goal by providing training and guidance. The learner is sometimes called a ''coa ...
firm MT Educare became a subsidiary of Zee Learn following an acquisition in May 2018.


Siti Networks (6.1% stake)

Siti Networks Limited (abbreviated as SNL; formerly Wire & Wireless India Limited; alternatively Siti Cable) is the multi-system operator of the Essel Group. It provides cable distribution services for household consumption. Established in 1994 as a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises), it was founded as a separate company of the Essel Group following the de-merger of the Zee Telefilms in 2006. In October 2021, it was reported that promotes have just 6.1% stake left in
Siti Networks Siti Networks Ltd, formerly known as ''Wire and Wireless (India) Limited (WWIL)'', is a multi system operator (MSO) promoted by the Essel Group (now just 6.1% minority stake holder). The company provides digital cable television services in I ...
.


Dish TV (5.67% stake)

DishTV India Limited (abbreviated as DTIL, stylised as dishtv) is a
Direct to Home Satellite television is a service that delivers television programming to viewers by relaying it from a communications satellite orbiting the Earth directly to the viewer's location. The signals are received via an outdoor parabolic antenna commo ...
(DTH) television provider company which provides DTH service through multiple brands such as Dish TV, d2h and Zing Digital. Dish TV was launched on 2 October 2003 as the DTH provider of the Essel Group and was merged with Videocon D2H on 22 March 2018. The Essel Group maintains a 55% stake in the company while the Videocon Group maintains a 45% stake. It became the largest DTH provider in India after the merger. The company is also partnered with
The Times Group Bennett, Coleman and Company Limited, (abbreviated as B.C.C.L. and d/b/a The Times Group), is an Indian media conglomerate headquartered in Mumbai, Maharashtra. The company remains a family-owned business with Sahu Jain family owning a major ...
owned
MX Player MX Player is an Indian video streaming and video on demand platform developed by MX Media & Entertainment (formerly J2 Interactive). It has over 280 million users globally. The platform currently operates on an ad-supported model and has a stre ...
for
streaming service Streaming media is multimedia that is delivered and consumed in a continuous manner from a source, with little or no intermediate storage in network elements. ''Streaming'' refers to the delivery method of content, rather than the content it ...
s. In May 2021, it was reported that promoters' shareholding in
Dish TV Dish, dishes or DISH may refer to: Culinary * Dish (food), something prepared to be eaten * Dishware, plates and bowls for eating, cutting boards, silverware Communications * Dish antenna a type of antenna * Dish Network, a satellite televisio ...
has fallen to just 5.67% and
Yes Bank Yes Bank is an Indian bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapoor in 2004. It offers wide range of differentiated products for corporate and retail customers through retail banking and asset managemen ...
has become biggest stock owner of
Dish TV Dish, dishes or DISH may refer to: Culinary * Dish (food), something prepared to be eaten * Dishware, plates and bowls for eating, cutting boards, silverware Communications * Dish antenna a type of antenna * Dish Network, a satellite televisio ...
.


Zee Entertainment Enterprises (3.99% stake)

The Zee Entertainment Enterprises Limited (abbreviated as ZEEL; formerly Zee Telefilms Limited) is a media and
entertainment Entertainment is a form of activity that holds the attention and interest of an audience or gives pleasure and delight. It can be an idea or a task, but is more likely to be one of the activities or events that have developed over thousan ...
broadcasting company. It was the primary profit generating company of the Essel Group. It owns a constellation of
entertainment Entertainment is a form of activity that holds the attention and interest of an audience or gives pleasure and delight. It can be an idea or a task, but is more likely to be one of the activities or events that have developed over thousan ...
channels under the brand name of ''Zee'' and the channels under the brands of ''Living Entertainment'', ''Big'' and "&".List of sources: * * * * The Zee Entertainment Enterprise also owns and operates the
record label A record label, or record company, is a brand or trademark of music recordings and music videos, or the company that owns it. Sometimes, a record label is also a publishing company that manages such brands and trademarks, coordinates the prod ...
of
Zee Music Company Zee Music Co. (ZMC) is an Indian music company, a subsidiary of Zee Entertainment Enterprises Ltd. It carries its business activities mainly from New Delhi. The company has captured a major chunk of market share in Bollywood music in a sho ...
and the
film studio A film studio (also known as movie studio or simply studio) is a major entertainment company or motion picture company that has its own privately owned studio facility or facilities that are used to make films, which is handled by the production ...
of
Zee Studios Zee Studios is a film production and distribution studio established in 2012, as a subsidiary of Zee Entertainment Enterprises Limited. Known to include a library of productions under its predecessor banners Zee Motion Pictures and Zee Limeli ...
.List of sources: * * * * * The company was incorporated in 1992 as the Zee Telefilms Limited, the Essel Group's venture into
mass media Mass media refers to a diverse array of media technologies that reach a large audience via mass communication. The technologies through which this communication takes place include a variety of outlets. Broadcast media transmit informatio ...
. It launched its flagship television channel, Zee TV on 1 October 1992. In 2006, two subsidiaries of the company were de-merged from the Zee Telefilms Ltd and segregated as distinct ententes under the Essel Group. Zee News Ltd (later renamed to Zee Media Corporation) became the news broadcasting subsidiary of the group while Wire & Wireless India Limited (later renamed to
Siti Networks Siti Networks Ltd, formerly known as ''Wire and Wireless (India) Limited (WWIL)'', is a multi system operator (MSO) promoted by the Essel Group (now just 6.1% minority stake holder). The company provides digital cable television services in I ...
) became the cable distribution company of the group. Following the segregation, Zee Telefilms was rebranded as to Zee Entertainment Enterprises. Between 2002–2018, the Zee Entertainment Enterprises was involved a joint venture with american distribution brand Turner India for the distribution of channels in India,
Nepal Nepal (; ne, नेपाल ), formerly the Federal Democratic Republic of Nepal ( ne, सङ्घीय लोकतान्त्रिक गणतन्त्र नेपाल ), is a landlocked country in South Asia. It is ma ...
and
Bhutan Bhutan (; dz, འབྲུག་ཡུལ་, Druk Yul ), officially the Kingdom of Bhutan,), is a landlocked country in South Asia. It is situated in the Eastern Himalayas, between China in the north and India in the south. A mountai ...
. The company was involved in sports broadcasting between 2004–2016. It launched its own private cricket league, the
Indian Cricket League The Indian Cricket League (ICL) was a private cricket league funded by Zee Entertainment Enterprises that operated between 2007 and 2009 in India. Its two seasons included tournaments between four international teams (World XI, India, Pakista ...
which held two seasons between 2007–2009 but the league failed to gain traction. In 2016, it sold off all its sports broadcasting assets in the venture to
Sony , commonly stylized as SONY, is a Japanese multinational conglomerate corporation headquartered in Minato, Tokyo, Japan. As a major technology company, it operates as one of the world's largest manufacturers of consumer and professional ...
. As of 2020, the company has suffered successive reduction in revenue and has been subjected to investigative probes by the
Enforcement Directorate The Directorate of Enforcement (ED) is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India. It is part of the Department of Revenue, Ministry of Finance, Gover ...
. The Essel Group has divested a part of its shares in the company for the repayment of pending dues, reducing its stake in the company to 22.37% with much of the remaining stake still pledged as collateral to the remaining dues. In September 2021 ZEEL Announced merger with
Sony Pictures Networks India Culver Max Entertainment Private Limited, doing business as Sony Pictures Networks India (SPN or SPNI), is an Indian media conglomerate owned by Sony Pictures Entertainment. Culver Max Entertainment manages and operates 26 television channels, ...
In October 2021, it was reported that founder Subhash Chandra and his son, Punit Goenka together own just 3.99% stake of Zee Entertainment. On December 22 board of
Zee Entertainment Enterprises Zee Entertainment Enterprises (formerly Zee Telefilms) is an Indian media conglomerate owned by Essel Group. Headquartered in Mumbai, it has interests in television, print, internet, film, businesses related to mobile contents, and operates 45 ...
approved the merger with
Sony Pictures Networks India Culver Max Entertainment Private Limited, doing business as Sony Pictures Networks India (SPN or SPNI), is an Indian media conglomerate owned by Sony Pictures Entertainment. Culver Max Entertainment manages and operates 26 television channels, ...
. and now pending for government approval.


Others

Alongside its major subsidiaries, the Essel Group also has investments in movie screening.
real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more genera ...
and infrastructure through the companies of E-City Ventures, Suncity Projects and Essel Infraprojects, respectively.List of sources: * * * The group owns and operates the
amusement park An amusement park is a park that features various attractions, such as rides and games, as well as other events for entertainment purposes. A theme park is a type of amusement park that bases its structures and attractions around a central ...
s of "Essel World" and "Water Kingdom" in
Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the secon ...
. The Shirpur Gold Refinery uses the brand name of ''Zee Gold'' in a joint venture with the Essel Group for the marketing of the refinery's products; the Essel Group gets royalties of 20% on the net profit for the brand usage. The group also operates the online
lottery A lottery is a form of gambling that involves the drawing of numbers at random for a prize. Some governments outlaw lotteries, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree o ...
Playwin in
Sikkim Sikkim (; ) is a state in Northeastern India. It borders the Tibet Autonomous Region of China in the north and northeast, Bhutan in the east, Province No. 1 of Nepal in the west and West Bengal in the south. Sikkim is also close to the Siligu ...
. The lottery however ceased operation in 2020, following the sale of assets by the Essel Group for the repayment of pending debts.


Divested assets


Essel Propack

The Essel Propack Limited (abbreviated as EPL) was the tube packaging company of the Essel Group headquartered in
Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the secon ...
,
India India, officially the Republic of India ( Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the ...
. Founded in 1982, the Essel Packaging Limited began commercial production between April–June 1983. The company was merged with the
Swiss Swiss may refer to: * the adjectival form of Switzerland * Swiss people Places * Swiss, Missouri *Swiss, North Carolina * Swiss, West Virginia * Swiss, Wisconsin Other uses * Swiss-system tournament, in various games and sports *Swiss Internati ...
tube packaging company Propack in 2000. The Essel Group retained a 34% equity stake in the company while Propack held a 22% equity stake. As of 2009, the company had a global market share of 33% in the
toothpaste tube A tube, squeeze tube, or collapsible tube is a collapsible package which can be used for viscous liquids such as toothpaste, artist's paint, adhesive, caulk, & ointments. Basically, a tube is a cylindrical, hollow piece with a round or oval pro ...
packaging industry. In 2019,
The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate ...
group acquired a majority stake in the company for US$310 million during the Essel Group's assets sale for the repayment of debts.


Controversy


Zee Entertainment Enterprises Limited (Dispute between Promoters)

On 11 September 2021, Invesco asked Zee management to call an "extraordinary general meeting" (EGM) of shareholders to consider its demands. One of the main demands was the removal of Punit Goenka, son of the Zee Network founder. However the Zee board rejected the demand from Invesco to convene an extraordinary general meeting. Invesco Developing Market Funds Moves to a National Company Law Tribunal (NCLT) and the
Bombay High Court The High Court of Bombay is the high court of the states of Maharashtra and Goa in India, and the union territory of Dadra and Nagar Haveli and Daman and Diu. It is seated primarily at Mumbai (formerly known as Bombay), and is one of the ...
, seeking a mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that the shareholder has been demanding. OFI Global China Fund, who also moved the NCLT along with Invesco, remarked at the hearing that the meeting that Zee Entertainment board had conducted on October 1 was just a legal formality and that it is a classic case of
Forum shopping Forum shopping is a colloquial term for the practice of litigants having their legal case heard in the court thought most likely to provide a favorable judgment. Some jurisdictions have, for example, become known as "plaintiff-friendly" and so ...
. On 11 October 2021,
Invesco Invesco Ltd. is an American independent investment management company that is headquartered in Atlanta, Georgia, with additional branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York stock exc ...
wrote an open letter to the other shareholders saying they are disappointed that the leadership of Zee has resorted to a reckless public relations campaign in response to the overwhelming demand from shareholders for leadership changes at Zee network. They had also tried to merge Zee with some other Indian company in early 2021, but the Zee board rejected it. The Zee Board replied to Invesco's open letter saying they didn't care about the company, and Invesco is not motivated by concerns related to any corporate governance issue, but "by the events that transpired during February-April 2021 pointing Invesco purposed deal with
Reliance Industries Reliance Industries Limited is an Indian multinational conglomerate company, headquartered in Mumbai. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. Reliance is ...
. Reliance Industries Ltd (RIL) said it proposed to merge all its media properties with Zee Entertainment at fair valuations during discussions in February and March 2021 that US investment firm Invesco helped arrange with managing director and member of the founding family of the media and entertainment company. On 21 October, the
Bombay High Court The High Court of Bombay is the high court of the states of Maharashtra and Goa in India, and the union territory of Dadra and Nagar Haveli and Daman and Diu. It is seated primarily at Mumbai (formerly known as Bombay), and is one of the ...
asked the Zee board to call an EGM as demanded by shareholder Invesco, and counsel appearing for Zee Entertainment said the company will inform the court of the date of the EGM by the morning of October 22. On 7 December, Invesco heading towards a resolution, Invesco was expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity. On 22 December, board of
Zee Entertainment Enterprises Zee Entertainment Enterprises (formerly Zee Telefilms) is an Indian media conglomerate owned by Essel Group. Headquartered in Mumbai, it has interests in television, print, internet, film, businesses related to mobile contents, and operates 45 ...
approved the merger with
Sony Pictures Networks India Culver Max Entertainment Private Limited, doing business as Sony Pictures Networks India (SPN or SPNI), is an Indian media conglomerate owned by Sony Pictures Entertainment. Culver Max Entertainment manages and operates 26 television channels, ...
.


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* {{S&P CNX Nifty companies Companies based in Mumbai Conglomerate companies established in 1926 Indian companies established in 1926 Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange