Indian cable and satellite broadcaster Zee Telefilms plans to sell up to 20% of its fully-owned cable network, Siticable. According to chairman Subhash Chandra, the company has appointed investment bank AIA Capital to oversee the sale.
The move will help finance Zee's ambitious expansion plans which include investing $1bn in building a hybrid fibre optic-coaxial cable network across India. The company also plans to build production studios and a string of multiplexes through sister company E-Citi Entertainment which recently teamed up with Imax Corp (see separate story today).
Zee Telefilms has also announced that is expects first half revenues for the 2000-1 financial year to rise 25% to $100m compared to $80m in the first half of the previous year.
Meanwhile MGM has confirmed that it will take a 30% stake in the co-branded movie channel it is launching with Zee through the relaunch of Zee's existing channel Zee Movies.