MUMBAI: Hinduja-owned IndusInd Media and Communications (IMCL)
is in talks with private equity investors to raise $75 million
to fund the second phase of cable TV digitisation.
has mandated Ernst & Young to find an investor for its
funding requirement. "With India mandating digitisation,
there is a huge appetite to invest in cable TV companies.
We are looking at raising $75 million. E&Y has been given
the mandate for this purpose," IndusInd Media & Communications
chief executive officer Nagesh Chhabria tells Indiantelevision.com.
which operates its cable TV business under the Incablenet
brand, will need Rs 6 billion as it is targeting four million
set-top boxes (STBs). "We have existing lines of credit
from banks for $15 million. We can raise $10 million of new
debt," says Chhabria.