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New Delhi, Dec. 12

BAG Films is ready to launch its 24-hour Hindi news channel this week, and a Bollywood channel E-24 next month. Test signals for the news channel, targeted at young adults, is already on and it will go on air from Thursday. The New Delhi-based media house has also received its board’s approval for FCCBs to the tune of $35-40 million, said Ms Anuradha Prasad, Managing Director, BAG Films and Media Ltd. The company is also receiving an investment of about Rs 64 crore from Fidelity’s Mauritius-based India focused fund, FID Funds (Mauritius) Ltd, which is to acquire 10 per cent stake. The company could further dilute up to 8 per cent stake to interested investors, said Ms Prasad. However, she added, although BAG is in talks with several firms it may not raise any funds in the near future, and is focussed on the launch of its news channel. The free-to-air channel, with Mr Ajit Anjum as Managing Editor, has set up 13 news bureaus across India. Ms Prasad hopes the channel will establish itself as a premium news channel, offering “a vastly different proposition from the current fare seen on most other Hindi news channels.”

— Our Bureau

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