To simplify its organisational structure, Zee Telefilms (ZTL) has decided to prune the number of its subsidiaries from 23 to 12. The decision was taken at the ZTL board meeting held yesterday. According to the decision 11 subsidiaries will cease to exist, subject to regulatory approvals, in six to eight months.
The companies that will go off the list are: E-Connect India, Programme Asia Trading Company, Elzee Television, Kaveri Entertainment, Dakshin Media, Winterheath Company (Mauritius), Hokushan Trading (Hong Kong), Expand Fast Holding (Netherlands), Zee Multimedia Worldwide (Netherlands), Asia TV (USA) and Zee TV SA (South Africa).
According to industry analyst, ZTL expects to achieve considerable savings with the closure of the subsidiaries. This would also facilitate the process of consolidation of financials of the remaining subsidiaries with that of the holding company.
Zee is one of India's largest media companies with a presence spanning broadcasting, programming, cable distribution, movie production, music publishing and education business. It recorded a turnover of about Rs 816.6 crore for the nine months ended December 31, 2001.
Source: Business Standard