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IndusInd Entertainment plans to offload 20% stake to foreign investor

12-October-2001
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IndusInd Entertainment plans to offload 20% stake to foreign investor

IndusInd Entertainment Limited (IEL) is in talks with a foreign investor to dilute 20 per cent stake, as part of its plans to upgrade from being a collection of city-specific channels to a satellite infotainment channel. According to industry sources the investor had already done a valuation of the company. The price of acquiring the stake is under negotiation. The Hindujas want to raise Rs 50 crore.

The Hindujas incorporated IEL in order to have a company focused on local television content and to take over the operations of IndusInd Media & Communications’ IN-TV division. But realising the potential of upgrading to satellite transmission, the Hindujas decided to scout for a partner for the project.

The city-specific channels under the ‘IN’ brand would continue to run under IndusInd Media & Communications. While the satellite channel will have an all-India format, localised content including live coverage of events.

IndusInd Entertainment Ltd has entered into an agreement with IndusInd Media & Communications for right to use the ‘INTV’, ‘IN Time’ and ‘IN Mumbai’ brands and television software. It offers an infotainment channel having a mix of multilingual news, events and light entertainment on cable TV systems. IEL pays to IndusInd Media for the usage of the software.

IndusInd Media & Communications runs the access business through the INCablenet brand, content is being looked after by IEL.

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