The Surat-based internet service provider (ISP) company named You Telecom has recently announced the news about its acquiring of 50% stake in the Bangaluru-based cable operator Digital Infotainment. The investment major Citigroup Venture Capital (CVC) is currently holding a 85% stake in the You Telecom and the officials of the company have not made any announcement regarding the financial details of the deal yet. They stated that with this acquisition, the company would be able to tart cable TV operations in the country starting from Bangaluru.
The Chief Executive Officer of You Telecom, Mr. E V S Chakravarthy was contacted and requested to say something about the new acquisition and in reply, he said that the companys cable TV subsidiary Digital Outsourcing has made the acquisition on behalf of it. He also informed that You Telecom is the holder of 51% stake in Digital Outsourcing at the moment. He further said that this is the second acquisition made by the You Telecom in the recent past as it did acquire another ISP named Icenet in the last year.
While explaining the basic reasons behind acquiring the Digital Infotainment, Mr. Chakravarthy said, "We were looking at entering the cable TV and Heads-In-The-Sky (HITS) business, and this is the first step in that direction. We are also scouting for further acquisitions in the space". The sources from the industry are informing that the leading media house, Bennett, Coleman & Co (BCCL) is currently holding a 5% stake in You Telecom. The sources added that You Telecom is operating its activities in over 12 cities across India at the moment and over 1.7 lakh broadband subscribers are getting its services.
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| Posted : 1/15/2008 |
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