INDIAN JOINT VENTURE FOR MCM

The Hinduja-run IndusInd Communications inked an agreement with France-originated European music channel MCM last week. The agreement envisages the setting up of a 50:50 joint venture by the two companies and carriage for MCM International on IndusInd Communications 49%-owned cable TV firm InCablenet. The channel is being positioned as an international music channel as against Channel V and MTV, which have both localised with Hindi content.

InCablenet has 3 million subscribers all over India. The firm has already started carrying MCM in the top tier of cable channels on its cable TV network as of yesterday, pushing back MTV and Channel V to a non-prime band frequency.

The joint venture is believed to have been envisioned by Remi Hinduja, a scion of the Hinduja family, who is extremely kicked up about its prospects. It includes the creation of original programming by IndusInd for the channel, which is being beamed off Asiasat-2.

IndusInd is also in talks with French channel Fashion TV for a distribution agreement for the Indian market. It is likely to be signed, sealed and delivered in the next few weeks.