| According to the source, Dasgupta had made a presentation
to Sony Pictures Entertainment (SPE) chairman and CEO Michael Lynton
a few months ago on SET India's growth prospects. In his presentation,
he had listed an IPO as one of SET India's plans. "SPE's new
CEO had called for presentations from its different entities. A few
months back, Dasgupta earmarked SET India's growth plans as including
an IPO," says the source.
SET India plans to acquire SET Singapore and consolidate operations
before going in for an IPO. SET Singapore has invested in acquisition
of television serials and Hindi feature films, besides ICC telecast
rights for India and other parts of Asia till 2007, including two
World Cup tournaments. In its FIPB application, Sony had said: "All
major investments of SET Singapore are now close to maturity and
are likely to become profitable in the near future. The benefits
of these investments would accrue to SET India in the coming years
through the process of consolidation. This will increase SET India's
valuation."
The consolidation process, according to the source, will start only
when SET India is more definite on when it is going to launch its
IPO.
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