Videocon to sell 25% of Indian DTH TV concern

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Rebecca Hawkes ©RapidTVNews | 06-11-2011

Videocon is in talks with private equity firms to sell 25% of its d2h direct to home (DTH) satellite broadcasting business, according to Reuters.

The stake, said to be worth between US$75-$100 million, has reportedly attracted the interest of ICICI Venture, the private equity division of India's second largest lender, ICICI Bank. UBS has been taken on by Videocon to find a suitable investor, reports the news agency.

No comment has yet been given by Videocon, ICICI Venture or UBS.

Videocon launched its d2h pay-TV platform in 2009. It is one of six private DTH platforms operating in India – which also includes Dish TV, Tata Sky, Sun Direct, Airtel Digital TV, and Reliance Digital TV. A public DTH service is also operated by Prasar Bharati and provided by Doordarshan.

Private equity deals worth $3.2 billion were forged by Indian companies from January-September 2011, according to data from Thomson Reuters.

The $4 billion Videocon conglomerate has 17 manufacturing sites in India, as well as plants in China, Mexico, Poland and Italy. It is thought to be the world's third largest picture tube manufacturer, having acquired the colour picture tube business from Thomson SA.

Shares in Videocon Industries closed up 1.56% at INR 175.60 on the Bombay Stock Exchange on Friday (4 November).

Read more: Videocon to sell 25% of Indian DTH TV concern | News | Rapid TV News
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