NDTV eyes investor in MetroNation Chennai

MUMBAI: NDTV Ltd. is planning to induct strategic investors in its loss-making joint venture company, MetroNation Chennai Television Limited, that operates a news cum infotainment channel.

MetroNation Chennai Television also plans to increase the Tamil content on the channel.

“We are considering getting strategic investment in MetroNation Chennai Television. We are looking at raising equity capital. We are also going to increase the Tamil content in the channel,” said NDTV Group chief executive officer KVL Narayan Rao.

MetroNation Chennai, where NDTV holds 51 per cent and Kasturi and Sons (Hindu Group) the balance 49 per cent, has incurred accumulated losses amounting to Rs 275.1 million.  
The company has investment, loans and receivable aggregating Rs. 208.7 million (corresponding previous period Rs. 112.5 million and previous year Rs 1,47 million).

Pending finalisation of the strategic options including getting in investors, NDTV has carried the investment, loans and receivable at book values since the management expects to be able to realise these assets in full.

Rao, however, refused to reveal what capital the JV company was looking to raise and who likely would be the potential investor.

MetroNation Chennai was launched in 2009.

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