Mumbai-based UTV Global Broadcasting is close to raising about Rs 600 crore ($150 million) from a group of strategic investors. Ronnie Screwvala, managing director, UTV,said “In the next 90 days, we may be able to talk about the strategic or financial investor in our broadcasting venture and we see the launch of most of these channels, or at least seven of them, starting this August and getting completed by March or April of next.”
UTV Global Broadcasting is a privately held company which holds its three broadcasting businesses. The company has three subsidiary companies - UTV News Ltd for the business news channel, GENX Entertainment Ltd for the four Bindass channels, and V&S Broadcasting for four channels.
UTV will put in Rs 150 crore ($37.5 million) as part of its contribution for the total project cost of Rs 600 crore. "The balance will be raised by a combination of equity at a premium and any other suitable instrument," the company executive director Shantonu Aditya said. UTV also plans to launch a Hindi movie channel in addition to Bindaas Movies and a World Cinema channel.
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