SABe TV has appointed Credit Lyonnais as advisor to find a strategic partner. According to the industry sources SABe is planning to offload 51 per cent of its equity to the strategic partner.
According to Markand Adhikari, vice chairman and managing director, SABTNL, the company was only looking at a strategic tie-up and not a partnership that would involve placing equity with the partner.
SABe TV has been going through tough times for a while. SABe TV has posted a loss of US $ 10,225,194 for the January 2000 to March 2001 period.
SABe TV was launched by SABTNL in April last year. Turner International (India) was distributing the channel, but SABe TV has not paid Turner its distribution fee for the last six months. The two companies are currently in the midst of a legal tangle on the issue.
SABTNL had a total income of Rs 97.67 crore for the financial year ended March 31, 2001 and reported a net profit of Rs 10.37 crore.