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Asianet announces financial closure for cable TV, broadband projects

05-September-2001
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Asianet announces financial closure for cable TV, broadband projects

Asianet Satellite Communications (P) Ltd, has announced financial closure for its cable television and broadband Internet access services project in Kerala.

The company has also acquired a ‘Category B’ Internet service provicer (ISP) license to offer broadband cable-based Net access to its subscribers. With this Asianet becomes the first cable TV and broadband project in the country to achieve financial closure.

Infrastructure Leasing and Financial Services (IL&FS) has structured its entire long-term debt and quasi-equity requirements aggregating to Rs 236 crore, together with Infrastructure Development Finance Corporation LTD (IDFC). The entire amount has been syndicated from a consortium comprising IDFC, IL&FS and HDFC.

Asianet currently services over four lakh customers across 11 districts of Kerala and provides its services to its subscribers through 44 cable heads. Besides Kochi, it has launched its broadband Net service in Thiruvananthapuram and plans to extend its coverage throughout the state. The company has an international gateway of 11Mbps in Kochi and in Thiruvananthapuram.

The company plans to reach over seven lakh direct subscribers by the end of 2003. Last month, the company entered into a strategic tie-up with the Cochin Stock Exchange (ChSE) to help investors trade online.

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