Siti Cable acquired 50% stake in Assam-based independent multi-system operator (MSO) Axom Communications & Cable (ACC). The acquisition is made through Siti Cable’s subsidiary Indian Cable Net Company Ltd (ICNCL. ACC, which is now an equal Joint Venture between the two companies will be named ACC Siti.
“Siti Cable has acquired 50% in Axom. We have acquired this company through ICNCL. We have three directors from our side and they will have two directors. The JV is already operational,” ICNCL director Suresh Sethiya told TelevisionPost.
ICNCL has operations in Bihar, Jharkhand, West Bengal and Odisha. It didn’t have operations in the northeast. “We are present in most of East India like Jharkhand, Bihar, West Bengal and Odisha. Northeast was the missing piece. Now we have presence there as well,” Sethiya noted.
On the other hand, Sanjive Narain, Director of ACC said: “It’s a 50:50 JV with Siti Cable. They have acquired 50% share in our company. The JV is called ACT Siti Cable.”
According to Narain, the partnership with Siti will help with faster expansion. The JV is targeting over one million subscribers in the northeast. In digital addressable system (DAS) Phase III, Axom has seeded 300,000 set-top boxes (STBs) in Assam.
“We did a JV to expand faster. In Phase III, we have seeded 300,000 STBs. We are targeting about a million subscribers in the next two years from northeast,” added Narain.
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