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Providence Equity to buy out Star India from Star CJ venture
Mumbai: Star India has been getting out of non-core activities to focus on its broadcasting (entertainment and sports) and digital businesses. Among the operations it bailed out on figure cable distribution where it exited from Hathway Cable & Datacom and news where it moved out from Media Content & Communication Services (the Star News venture).
Earlier this week, both Korea Bizwire and Variety.com reported that Star India has decided to sell its 50 per cent stake in the Indian home shopping joint venture venture Star CJ with South Korea’s CJ O Shopping to Providence Equity Partners following approval from the previous Indian government. The approval process took close to a year and got the Foreign Investment Promotion Board go-ahead just as the previous government’s tenure was ending.
The quantum that the $40 billion corpus Providence Equity would be paying to buy out Star’s holding was not disclosed but it would be done through a Mauritian subsidiary of the private equity fund. The deal between Star and Providence was signed on 29 May, said the Korea Bizwire report.
The remainder 50 per cent equity will continue to be with CJ O Shopping, which is part of the CJ group.
Both CJ and Star have invested $55 million in the joint venture, which began in 2009 as a six hour slot on Star Utsav, which was then expanded into a 24 hour Star CJ home shopping channel. It reportedly had estimated revenues of about $98 million and can continue to use the Star CJ brand for the next 12 months.
CJO Shopping is optimistic of ramping up business through Star CJ following its bringing in Providence as a “financial partner.” Providence also owns equity in European home shopping venture HSE24, apart from having holdings in Indian cable TV distribution company Hathway Cable & Datcom and UFO Moviez.
The move comes at a time when the Network18 (now Reliance Industries) owned HomeShop18 is preparing for a public offering in New York.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
