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Astro buys 80% of Sanjeev Kapoor's channel
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New Delhi: In line with policy of diversifying its media investment portfolio in India, Malaysia-based investor Astro All Asia Networks (Astro) has picked up 80% stake in Turmeric Vision Pvt Ltd (TVPL), the television company owned by celebrity chef Sanjeev Kapoor and his wife Alyona Kapoor.

Astro will pump in Rs 122 crore in TVPL over next three years. TVPL will use the money to launch a dedicated 24 hours food channel—Food TV—shortly. Astro is already a major investment partner in Sun Direct DTH, the direct-to-home venture of Kalanithi Maran’s Sun TV group. Astro also holds another 20% stake in South Asia FM, the private FM radio venture of Sun TV group.

So far, Astro, along with its subsidiary firms, has picked up significant stakes in over half-dozen Indian companies including Sun Direct DTH, South Asia FM, Airtime Marketing, and Astro E-com among others, taking its overall India investment portfolio to around Rs 1,000 crore. According to a source, Astro is actively scouting for more television content creators and cable operators for strategic alliances.

Recently, Astro, through its Mauritius-based subsidiary South Asia Creative Assets Ltd (SACL), picked up 80% stake in Sanjeev Kapoor’s four-year old television firm TVPL valuing it at Rs 152.5 crore. TVPL has already obtained the permissions from the I&B ministry for launching a dedicated food channel by the same name. TVPL will receive the foreign direct investment routed from Astro All Asia Network, incorporated in England. Astro will invest in three holding firms—Astro Overseas Ltd, Astro Entertainment Networks, and SACL from where TVPL will receive the foreign funds over next three years.

Source: Financial Express

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