Specialised and Niche
Essel plans to raise $500 mn to fund growth of its companies: Bloomberg
NEW DELHI: Media baron Subhash Chandra’s Essel Group is understood to be seeking to raise as much as $500 million to fund expansion and pay debt at some of its companies.
The group may use the funds for DTH service provider Dish TV India Ltd, multi-system operator (MSO) Siti Cable Network Ltd. and schools operator Zee Learn Ltd, according to sources quoted by Bloomberg.
Essel joins Indian media companies including Network 18 Group and Living Media India Pvt. in seeking capital. It is understood that Essel has approached private equity firms for this purpose.
Dish TV, India’s biggest provider of DTH services, and Siti Cable are expanding as the nation makes digital television services mandatory. Advertisement and subscription revenue is forecast by G2Mi Research to increase 87 per cent by 2015.
“There is a heightened interest among investors in two media segments, broadcaster and cable companies, owing to a structural change that’s anticipated in the country through digitization,” Vivekanand Subbaraman, an analyst at MF Global Sify Securities India in Mumbai, told Bloomberg.
Essel is not in “active dialogue” with buyout firms, said Himanshu Mody, group head for finance and strategy, in an interview to Bloomberg. “We from time to time keep raising expansion capital for various entities within the group.”
According to the report, the money raised will not be used for Zee Entertainment Enterprises Ltd., Essel’s largest publicly traded unit. With a market capitalisation of 164.3 billion rupees ($3 billion), Zee Entertainment had 3.3 billion rupees in cash at the end of March, data compiled by Bloomberg showed.
Apart from its television business, Essel manages firms that build roads, runs a newspaper and makes packaging for toothpaste and food companies.
Dish TV had total debt of 12.1 billion rupees as of March 31 and Siti Cable, which sells cable services to about 10 million households in India, had 3.5 billion rupees of debt at the time, data compiled by Bloomberg show.
Siti Cable plans to raise Rs 3.2 billion selling warrants convertible into equity to its owners including Essel.
Specialised and Niche
Travelxp 4K launches on iNES Group in Romania
Premium travel channel arrives in native 4K HDR for viewers
BUCHAREST: Travel just got a little sharper in Romania. Travelxp 4K has officially launched on iNES Group, expanding its European footprint and bringing cinematic travel storytelling to more homes across the country.
Now available to iNES subscribers on channel 137, the fully Romanian-localised channel delivers immersive native 4K HLG HDR quality at the touch of a button. From bucket list landmarks to hidden corners of the globe, viewers can explore a sweeping range of destinations without leaving the sofa.
Travelxp 4K says it is currently the only television channel in Europe dedicated entirely to global travel and lifestyle programming in 4K. Its line-up blends striking cinematography with culturally rich narratives, designed to appeal to armchair adventurers of all ages and backgrounds.
Travelxp managing director Europe Sumant Bahl, described the launch as another key step in strengthening the brand’s presence in Romania and across the continent. He said the partnership with iNES Group would inspire Romanian audiences with high quality content showcasing the beauty, diversity and culture of destinations around the world.
iNES Group development director Sorin Ionescu, said the addition reflects the operator’s focus on enhancing its television offering with premium, relevant content. He noted that Travelxp 4K complements the company’s portfolio by giving subscribers access to world class travel and lifestyle programming in 4K HDR, delivering outstanding picture quality and an elevated viewing experience.
With this launch, Romanian viewers can expect fewer passport queues and more panoramic views, as global journeys arrive in vivid detail on their screens.
