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Laqshya Media attracts private equity of Rs 152 crore

14-August-2007
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Laqshya Media attracts private equity of Rs 152 crore

In a bid to strengthen its footprint in the UAE, Laqshya Media’s UAE subsidiary Right Angle Media has obtained an equity participation of over Rs 152 crore from Amwal Al Khaleej, a funding group in the Gulf.

“This funding will reportedly help the group in pursuing its vision of spreading the footprint to the entire Arab world covering the UAE, Oman, Qatar, Bahrain, Kuwait, Saudi Arabia, and into Egypt, Libya, Algeria, Tunisia, Morocco, Jordan, Syria, Lebanon and other areas,” the official communiqué noted.

This is the second large funding to the group in less than nine months, prior to which Laqshya Media had attracted the first private equity funding in its sector from UTI ventures, to the tune of $10 million in October 2006.

Right Angle Media had also recently acquired the permission to design, erect and operate 1,000 air-conditioned bus shelters in Dubai.

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