Indiantelevision.com's > Digital Edge > Ortel eyes private equity investors

Indiantelevision.com's Digital Edge

Ortel eyes private equity investors

Indiantelevision.com Team

(27 October 2007 8:00 pm)

MUMBAI: Ortel Communications Ltd, Orissa's leading multi-system operator (MSO), is eyeing private equity investors and plans to raise Rs 2 billion to fund its expansion programme.

Ortel has given the fund-raising mandate to Equrius. "We are looking to raise money through private equity investors. Though our fund requirement for expansion is Rs 2 billion, we will also be raising debt. The exact debt:equity mix is being worked out," Ortel Communications promoter Jagi Mangat Panda has told Indiantelevision.com.

The MSO is planning to launch cable TV services in Kolkata, Vizag and Raipur. It currently operates in 10 cities of Orissa and ended with a topline of Rs 370 million for the fiscal ended 2006-07.

As reported by Indiantelevision.com, Ortel has recently diluted eight per cent stake to SREI group for an undisclosed amount. SREI is also an investor in former Star India CEO Peter Mukerjea's broadcast venture INX Media.

Ortel has already raised Rs 350 million this year.