The Hindu Business Line : CNBC Asia Pacific to invest 26 pc in TV 18

IN order to comply with the recently announced norms for news channels uplinking from India, CNBC Asia Pacific on Thursday announced that it would invest up to 26 per cent in the Indian registered Television Eighteen India Ltd (TV 18). The channel will be jointly branded and be known as CNBC-TV 18.

Currently, CNBC India, an English business news channel, is a 51:49 joint venture between CNBC Asia and TV 18 Mauritius incorporated in Mauritius. However, according to the guidelines for news channels wishing to uplink from India, the foreign investment has been capped at 26 per cent.

Speaking to newspersons, Mr Raghav Bahl, Managing Director, TV 18 said that CNBC Asia could pick up equity either directly in the listed entity or in a new company. "Whether CNBC Asia will pick up stake in the existing listed company or in a new company has to be finalised," he added. The Mauritius-registered company will then cease to exist. Mr Bahl did not, however, divulge the exact equity holding post restructuring. TV 18, meanwhile, has also received permission from the Government for uplinking from India.

TV 18 will also invest $1.5 million in broadcasting facilities to make the transition completely seamless. The investments would be made from internal resources and will be made in the next six months

"We have an excellent joint venture partner in Television Eighteen and expect this strategic stake to bring value to CNBC- TV18 through our global expertise and the resources of NBC and Dow Jones," said Mr Alexander Brown, President and Chief Executive Officer of CNBC Asia Pacific.

The Government had given foreign channels wishing to uplink from the Indian soil three-months time to restructure their equity structure and others such as Zee News, which already have an uplinking license, one year time period to comply with regulations.

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