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Broadcast Worldwide seeks fresh investment through strategic investors

18-May-2001
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Broadcast Worldwide seeks fresh investment through strategic investors

Broadcast Worldwide has initiated steps to bring in fresh investment and restructure the company. The company has applied to the Foreign Investment Promotion Board (FIPB) for a strategic alliance with a Mauritius-based company, Crombie International Ltd. Crombie is a strategic investment company and it is looking at common equity participation in Broadcast Worldwide.

According to the informed sources, the total stake of financial institutions in Broadcast Worldwide is set to increase to 33 per cent from the current 20 per cent. At present, Mr. Rathikant Basu and associates including Star hold 40 per cent, Sterling Infotech has another 40 per cent and FIs have the remaining 20 per cent. The stake of the FIs is expected to go up during the second round of funding.

Broadcast Worldwide is also looking at a new uplinking option, as a measure to turn the company around. Its four regional channels—Punjabi, Bengali, Marathi and Gujarati—will be uplinked from Delhi, Calcutta, Mumbai and Ahmedabad, respectively.

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