Essel Group

1926–1967

In 1926, Jagannath Goenka founded the Messrs Ramgopal Indraprasad as a commercial firm to deal in food grains 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 polishing factory in Delhi, 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 grains to Gujarat and South India. By 1966, the firm was operating one dal mill 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 ₹600,000 (equivalent to ₹35 million or US$360,000 in 2026). Between 1967–68, the Goenkas' connections in the Food Corporation of India (FCI) helped the family secure not only a deal to supply it with polished pulses and cleaned 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 bilateral trade agreements. According to a 2014 estimate, Essel Group's net worth by 1982 was over ₹100 crore (equivalent to ₹174 crore or US$18 million in 2026).

In December 1982, Lamina Packers became incorporated as Essel Packaging, which marked Essel Group's full-blown venture into the packaging industry, 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, EsselWorld always remained unprofitable, right up to its shutdown in 2023.

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 from satellite network AsiaSat. The transponder agreement was signed in April 1992, and Zee TV began broadcasting on 1 October. It was India's first Hindi Language 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 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, a Star TV subsidiary. In 1998, Essel/Zee turned to journalism with Zee News, the first 24x7 Hindi Language news channel in India.

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.

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, 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.

On 11 October 2021, Invesco 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 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 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.