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MUMBAI:
UTV is in talks to rope in a strategic investor for its broadcasting
business which entails an investment of Rs 6 billion for nine
channels.
The
broadcasting initiatives are under UTV Global Broadcasting
which is privately held. But this equity ownership arrangement
could change after the investor is roped in.
"We
are in advanced talks to get a strategic investor who will
hold minority stake and will come at a premium," says
UTV Global Broadcasting executive director and V&S Broadcasting
CEO Shantonu Aditya.
UTV
Global Broadcasting has three subsidiary companies which run
the different lines of businesses - UTV News Ltd for the business
news channel, GENX Entertainment Ltd for the four Bindass
channels, and V&S Broadcasting for four channels.
UTV
will put in Rs 1.5 billion as part of its contribution for
the project outlay of Rs 6 billion. "The balance will
be raised by a combination of equity at a premium and any
other suitable instrument," says Aditya.
UTV
plans to launch a Hindi movie channel in addition to Bindaas
Movies and a World Cinema channel. "We will be progressively
rolling out all the nine channels by mid-2008," says
Aditya.
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