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NEW
DELHI: A new Singapore-based realty channel Property TV is
coming up this March and will run an office in India from
Noida. However, the channel will not go for downlinking in
the country at least till September.
A
deal is going to be signed early this week between the channel's
Singapore owners and Indian counterpart, IndiaNivesh, which
is reportedly the "mother company" of Luminaire
Technologies Ltd, a source says.
While
the details of the formation of the holding company and the
alliances being worked out in Singapore are not available,
sources indicate that the parties involved include Luminaire,
IndiaNivesh and the Singapore mega-broadcast company TV Broadcast
Pte Ltd.
IndiaNivesh
has recently bought 33.54 per cent of the total paid-up share
capital of Luminaire, which is a major producer of TV hardware.
Moreover,
IndiaNivesh has acquired 17.46 equity shares of Luminaire,
pursuant to last year's share purchase agreement. Consequently,
Luminaire is a subsidiary of IndiaNivesh.
The
new property channel will concentrate on the Middle East and
South Asia, where it has a massive market, rather than entering
into India, sources said.
However,
a large and sophisticated office has been set up in Noida,
and it will generate five hours of programming from the country.
It
is only after entrenching itself in those two markets and
studying the Indian scenario that the company will look into
a foray here.
Meanwhile,
company seniors said they would not comment, and details of
the deal will be revealed only after it is inked this week,
possibly by 29 January.
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