Broadband Pacenet gets FIPB clearance to induct Ashmore
Televisionpoint.com Correspondent | Mumbai
Broadband service providers are clearing their last hurdle. Mumbai based Broadband Pacenet (India) has got clearance from the Foreign Investment Promotion Board (FIPB) to induct PE firm Ashmore Investment Management, as a 74% partner. FIPB has cleared a FDI proposal of Rs 17.3 crore last week.
Broadband Pacenet has obtained government's nod to induct foreign equity by way of subscribing to or acquisition of shares up to 74 per cent equity of the company.
UK based Ashmore manages a $ 30 billion fund, and also has a 49 per cent stake in Digicable Network, a cable TV network set to spread out pan-India operations. Recently, Citigroup Venture Capital owned You Telecom acquired a majority stake in Scod 18 Networking, an association of cable TV distributors in Mumbai. The combined investment plan was about Rs 100 crore in the first phase.
Broadband Pacenet is promoted by Jagjit Singh Kohli, Yogesh Shah and Yogesh Radhakrishnan, who are known for pioneering cable television industry in India.
According to estimates by Hong Kong's Media Partners Asia (MPA), India is set to become Asia's leading cable market by 2010, the largest satellite market by 2008, and the most lucrative pay television market by 2015. The cash registers are also clicking accordingly.
Turnover for multi channel video including cable, satellite and Internet protocol television (IPTV), will jump to around $ 7 billion from $ 3.6 billion by the end of the decade. There is a lot of leverage for local and international investors as consolidation takes place and new technologies are deployed in the industry, a study by MPA showed.
Broadband service providers are clearing their last hurdle. Mumbai based Broadband Pacenet (India) has got clearance from the Foreign Investment Promotion Board (FIPB) to induct PE firm Ashmore Investment Management, as a 74% partner. FIPB has cleared a FDI proposal of Rs 17.3 crore last week.
Broadband Pacenet has obtained government's nod to induct foreign equity by way of subscribing to or acquisition of shares up to 74 per cent equity of the company.
UK based Ashmore manages a $ 30 billion fund, and also has a 49 per cent stake in Digicable Network, a cable TV network set to spread out pan-India operations. Recently, Citigroup Venture Capital owned You Telecom acquired a majority stake in Scod 18 Networking, an association of cable TV distributors in Mumbai. The combined investment plan was about Rs 100 crore in the first phase.
Broadband Pacenet is promoted by Jagjit Singh Kohli, Yogesh Shah and Yogesh Radhakrishnan, who are known for pioneering cable television industry in India.
According to estimates by Hong Kong's Media Partners Asia (MPA), India is set to become Asia's leading cable market by 2010, the largest satellite market by 2008, and the most lucrative pay television market by 2015. The cash registers are also clicking accordingly.
Turnover for multi channel video including cable, satellite and Internet protocol television (IPTV), will jump to around $ 7 billion from $ 3.6 billion by the end of the decade. There is a lot of leverage for local and international investors as consolidation takes place and new technologies are deployed in the industry, a study by MPA showed.
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