Mumbai, July 19: Television content provider TV 18 will float a separate company for `Project Broadband' with an investment of Rs 120 crore over three years. Project Broadband is an integrated, interactive and informative TV property with Internet companionship. TV18 already has a stake in CNBC India, a business news channel.TV 18 will hold 60 per cent stake in Project Broadband while the balance will be with a financial investor with strategic interest. "We have signed up with a significant e-commerce player. We are in the final stages of inducting another partner who is a big global name with high Internet and television synergies. We will make the announcements soon," said TV 18 managing director Raghav Bahl.
e-18, a TV 18 subsidiary, has acquired 26 per cent stake in indiabulls.com at Rs 20 crore in cash infusion over 12 months. "We have diluted 10 per cent of e-18 to ICICI Ventures at Rs 10 crore. We will make a further dilution to meet the balance Rs 10 crore by January, 2001," said Bahl. It will develop the business and Rs 15 crore of endorsements on CNBC India over two years at minimal opportunity cost.TV 18 has made an initial investment of Rs 24 crore in Project Broadband.
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