Indiantelevision.com > Media, Advertising & Marketing Watch > ENIL to raise Rs 5 bn for OOH biz, event management to move to new subsidiary company

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ENIL to raise Rs 5 bn for OOH biz; event management to move to new subsidiary company

Indiantelevision.com Team

(25 October 2007 10:00 pm)

MUMBAI:Times Innovative Media (TIM), the wholly owned subsidiary of Entertainment Network (India) Ltd, will transfer its event management business division 360 Degree to a new company.

Alternate Brand Solutions Ltd (ABS) is being set up as a wholly owned subsidiary, ENIL said in a statement to BSE.

TIM will raise Rs 5 billion for funding its marketing activities. The company is engaged in out-of-home business under the brand name Times OOH.

TIM has recently bagged a long term contract for advertisement marketing rights on the DND Flyway, New Delhi.

Analysts say the separation of the events business will help TIM independently raise funds.

ENIL operates FM radio stations under the brand name Radio Mirchi.

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