YO1 Wellness Center reportedly up for sale

By FRITZ MAYER
Posted 7/3/19

TOWN OF THOMPSON, NY — On June 21, 2018, the YO1 Wellness Center had an official opening at the site of the former Kutcher’s Country Club in the Town of Thompson with dignitaries lined up …

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YO1 Wellness Center reportedly up for sale

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TOWN OF THOMPSON, NY — On June 21, 2018, the YO1 Wellness Center had an official opening at the site of the former Kutcher’s Country Club in the Town of Thompson with dignitaries lined up wall to wall at the glitzy new facility. There was even a live video visit from Nirendra Modi the prime minister of India, who spent about 15 minutes extolling the virtues of yoga.

Now, a year later, the Essel Group, which owns YO1 and an array of other businesses, is trying to arrange a sale of the facility, hoping to raise $250 million dollars or more in the process. That’s according to a report from the Indian website Economic Times.

YO1 Sales and Reservations Supervisor Rose Clarke responded to a request for comment with an email that said, “Still open for business, taking bids while deciding to stay open or not.”

Local officials have said they have heard that YO1 is not generating the kind of revenue that Essel anticipated, and that may be true, but the organization is also selling or arranging to sell other assets to pay off creditors by September 30.

According to the report, in recent weeks Essel has been in talks to sell part of its solar energy operation, Adani Green Energy, in a deal the website says is worth $435 million.

A report on www.livement.com from June 11 says, “Debt-ridden Essel Group is looking to sell a minority stake in broadcaster Zee Entertainment Enterprises Ltd. (ZEEL) to a financial investor by the end of July to meet immediate payment obligations, said two people directly aware of the matter.”

Subhash Chandra is chair of the Essel Group, which, according to Forbes Magazine, controls a media empire in India and also “has interests in amusement parks, packaging, infrastructure and lotteries. Zee Entertainment Enterprises, run by Chandra’s sons Punit and Amit, has 75 channels reaching one billion viewers in 171 countries.”

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