Zee to buy out broadband services provider Pacenet

MUMBAI: Zee Telefilms Ltd (ZTL) is buying out broadband services provider Broadband Pacenet, which is promoted by Jagjit Singh Kohli, Yogesh Shah and Yogesh Radhakrishnan.

Kohli, who is the CEO of Siti cable, is an immediate beneficiary of the proposed demerger of India's largest multi systems operator (in terms of size) and the cable related business of Zee Telefilms Ltd. He is being given a 2 per cent stake in the new company, Wire and Wireless (India) Ltd, which he will be heading.

A detailed business plan is being prepared for Wire and Wireless which will venture into triple play services as well, Zee Telefilms chairman Subhash Chandra said, while addressing analysts here today.

Pacenet will be merged with Wire and Wireless and Kohli's partners will also be given shares in the new entity. "We have agreed to buy out Pacenet. The valuation is under progress. The existing shareholders of Pacenet will be given shares in Wire and Wireless," Chandra said.

Broadband Pacenet offers broadband services using the cable network infrastructure of its franchisees and claims to be servicing over 25,000 home subscribers apart from many corporates.

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