Sandeep Goyal’s Mogae Group has invested in Turmeric Ventures, the company owned by Chef Sanjeev Kapoor, which will soon be launching a 24x7 television channel dedicated to food. The channel is expected to go on-air before the end of the year. The Astro Group of Malaysia is investing $28 million in the new channel and will hold majority stake.
Sandeep Goyal, a former Group CEO of Zee Telefilms (2001-02), is the founder Chairman of Dentsu India, which currently has four full service ad agencies in its fold, with 2010 capitalised billings of Rs 1,200 crore. The Mogae Group owns 26 per cent in all of the Dentsu ventures in India. Mogae also owns 49 per cent stake in a JV with Dentsu for the Middle East headquartered in Dubai.
Mogae has a 50:50 JV with the TOI Group in the venture Indian Fantasy Games, which runs gaming portal www.indianfantasyleague.com. Mogae is also a co-promoter with TOI, Star TV and Zee Group in www.lastminuteinventory.com, a media trading portal. Mogae is also a co-owner in two PR firms: Torque and Midori.
Mogae and Astro Malaysia already have a 50:50 JV, Mogae Digital, which is a key player in mobile VAS services. Both Mogae and Astro are also co-investors in Diginatives, a software company specialising in educational products.
Goyal’s Mogae will own 20 per cent in Turmeric Ventures, the original investment vehicle of Chef Sanjeev Kapoor. The stakes of the original promoters will get proportionately diluted post the Astro investment.
Tanya Goyal, Director, Mogae Group said, “We are delighted to be joining Chef Sanjeev Kapoor in his dream venture. Sandeep and Sanjeev are old friends. We believe Turmeric’s round-the-clock food channel will be a path breaker and we at Mogae are proud to be associated with it.”