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MUMBAI:
Finally, it's official! Star and Korea-based CJ Home Shopping
Monday announced a 50:50 joint venture to launch and operate
a home shopping network in India.
The
Star-CJ home shopping channel will come up in the second half
of this year.
Indiantelevision.com
was the first to report that Star received the FIPB (foreign
investment promotion board) nod to get foreign investments
from CJ Home Shopping Co of Seoul to launch a home shopping
channel. The joint venture company is called Star CJ Network
India.
Commenting
on the deal, Star CEO Paul Aiello said, "India remains
a fast growing market for Star and the formation of this joint
venture represents yet another step in our growth trajectory
in this market. It is also testament to our continued efforts
in strengthening and widening our services across the country."
Added
CJ Home Shopping CEO Harri Lee, "With a population of
1.1 billion, India offers a blue ocean opportunity in home
shopping. Working with leading media company Star and leveraging
on the success CJ has had in markets such as Korea and China,
we plan to offer a trendy and stylish home shopping television
experience."
Also
Read:
Star
gets FIPB nod for home shopping channel
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