UK private equity firm Ashmore takes 49% in Jagjit Kohli's new cable venture

MUMBAI: Soon after quittting Zee Group‘s Wire & Wireless India Ltd (WWIL), Jagjit Kohli is all set to start his own cable TV operations along with partner Yogesh Shah. In his new venture, he has roped in UK-based Ashmore Investment Management Limited to invest for a 49 per cent stake.

Kohli‘s company Digicable Network (India) is planning to run a pan India cable network with a focus on digital cable. The total project cost, according to Kohli, is Rs 10 billion and the private equity firm has made a commitment to support the venture.

Digicable Network has got approval from the foreign investment promotion board (FIPB) for Rs 410 million. The company plans to start operations in 3-4 months.

"We plan to pump in Rs 4.5 billion in the first year. The total project cost is Rs 10 billion which will be invested in phases over three years," says Kohli who will be the managing director and chief executive of the company.

Ashmore Investment Management Ltd is a private equity firm which manages a $30 billion fund.

A doyen in the cable TV industry, Kohli was instrumental in growing Hinduja-owned Incablenet along with Shah, Yogesh Radhakrishnan and the late Ram Punjabi. Later he and his partners set up Win Cable which is owned by Hathway Cable & Datacom.


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