Indian multi system operator (MSO), Siti Cable, has received a cash injection of INR 1.02 billion (USD 17 million) from its promoters – led by Zee and Essel group chairman Subhash Chandra – to speed up its cable digitisation activities. The company earlier reported that it was aiming to digitise 6-7 million homes out of a total 90 million homes in Phases III and IV activities at a gross cost of INR 12 trillion (USD 199 million).
Siti told the Bombay Stock Exchange (BSE) that the cash injection was the second of four tranches to raise a total of INR 3.24 billion. Siti received the first tranche of INR 810 million (USD 13 million) in March 2013 and has until September this year to draw the remaining funds.
According to Dataxis, Siti Cable had over 3.7 million digital cable TV subs in India at the end of 2013.
No comments:
Post a Comment