The company, which is owned by Subhash Chandra, has been seen its third quarter profit fall more than a quarter on competition from companies like Rupert Murdoch's Star television and expects the expansion to help it improve sales and profit. Zee's owners will invest 8.57 billion rupees (US$184.6 million) in the project, the paper said without giving details of where the balance money will come from
Short Take: Zee Telefilms to spend US$1b to expand
By Bloomberg, Singapore.CNET.com
Monday, February 05, 2001 10:05 AM
Monday, February 05, 2001 10:05 AM
NEW DELHI--Zee Telefilms, India's biggest private broadcaster, plans to spend 47.6 billion rupees (US$1.01 billion) on expanding its television and Internet businesses, the Economic Times reported on its Web site, citing a plan submitted by Zee to lenders. Zee, which has given its proposal to ICICI, for approval, plans to set up a "hybrid fiber coaxial" network for distributing its television programs, expand its Internet service business and set up as many as 23 entertainment complexes in cities like New Delhi and Mumbai, the report said.
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