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Ambarish Mukherjee

New Delhi , Jan. 12

Sun Direct TV Pvt Ltd has applied to the Foreign Investment Promotion Board (FIPB) for permission to have 20 per cent foreign equity in the company. The company has licence to run a direct-to-home (DTH) satellite pay channel in the country.

According to the application filed with the FIPB, Mauritius-based South Asia Entertainment Holdings Ltd (SAEHL) will be taking up 20 per cent equity stake in the company and would invest around $150 million over the next few years. SAEHL is a wholly owned subsidiary of ASTRO Overseas Ltd, which in turn is a wholly owned subsidiary of ASTRO All Asia Network Plc (AAAN).

AAAN is a company incorporated in England and Wales and is registered as a foreign company in Malaysia.

The AAAN group companies has already formed joint ventures with leading Indian content players to create vernacular content for initial broadcast on the regional platform and eventually for exports.

AAAN is a publicly listed company with Usaha Tegas Group and the Malaysian Government's investment arm Khazanah Nasional as its principal shareholders and has annual revenue in excess of $600 million.

Currently, 82 per cent stake in Sun Direct TV is held by Ms Kavery Maran and 18 per cent stake is held by Mr Kalanidhi Maran. After the inclusion of the foreign partner, the combined holding of Ms Kavery Maran and Mr Kalanidhi Maran would come down to 80 per cent, according to the application.

More Stories on : Radio/TV | Mergers & Acquisitions | Foreign Direct Investment

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