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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. |
