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FIs baulk at Zee request for Rs 1,867cr

17-November-2000
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FIs baulk at Zee request for Rs 1,867cr

The ZEE Group has approached financial institutions for around Rs 1,867 crore, to fund the installation of an optical fibre network for Siticable.The total project cost has been budgeted at Rs 2,800 crore at a debt-to-equity ratio of 2:1. However, FIs are learnt to have expressed reservations about the project and may not clear the proposal. According to the project plan submitted to the FIs, Siticable is planning to set up its network in nine cities and eventually upgrade this to 26 cities within an 18-month period. Zee's hybrid fibre optic coaxial cable network ultimately seeks to cover 100 cities for broadband services. The project was originally slated to be completed in three phases in the next five years. The commissioning of this project will allow transmission of multiple channels, including TV and internet, through a single line. This project is seen as an integral part of the overall Rs 10,000-crore cable project planned jointly by Siticable and Zee Interactive.

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