| "We
have diluted 40 per cent equity to DIG but
not for a fixed price. DIG will bear the Capex
and content cost for the project," says
Time Broadband managing director Sujata Dev.
Dimensions
Group, which is held by Kutty, had initially
pumped in $5 million in TBSL. Now the equity
has been restructured to convert it into
an Indian holding, says Sujata Dev. "The
25 per cent holding is with Aniyan Kutty
Kunju," she adds.
DIG,
the global financial investor of Dubai Group,
is making the investment in TBSL through
its subsidiary Dubai Ventures.
"The
project cost for one million subscribers
would be around Rs 3 billion. Our target
is to reach one million subscribers over
the next two years," says Sujata Dev.
The
timely investment by DIG comes just before
TBSL’s planned launch of its services
in India and brings the Dubai firm’s
resources to bear, including its professional
management and global relationship base.
In line with its focus on emerging markets,
DIG is expected to leverage IPTV-related
business opportunities in India and beyond.
With
extensive technical and managerial experience
in the telecom sector through its investments
in Maltacom and Tunisie Telecom, DIG aims
to leverage its expertise and support TBSL
in its objective to become a prominent IPTV
player.
Says
DIG CEO Abdulhakeem Kamkar: "We found
an ideal partnership in TBSL which has a
team of competent professionals having an
in-depth knowledge of their specialized
technology. India is one of our key markets.
We are impressed by the initiatives of the
state owned telecom firms, where they are
heavily investing in the latest technology
to upgrade their telecom networks to gear
up for broadband play. We believe that through
TBSL, we will be able to add value to the
growing telecom sector in India."
"Our
intention is not only to make this a success
in India, but to help the company take this
value proposition globally. In addition,
we see synergies in future projects with
TBSL," Kamkar adds.
TBSL
plans to introduce a bouquet of services
including satellite channels, new film releases,
interactive TV and on-demand services.
Says
Sujata Dev, "If technology is the enabler,
content is the driver. The success of IPTV
depends on the right combination of these
two elements. With the expertise and support
of DIG as a strategic partner, we commit
ourselves to offer a true IPTV experience
to the Indian subscribers and possibly to
a global audience in the near future."
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