Dubai Investment Group Picks Up 40 Percent In Time Broadband
By Nikhil Pahwa - Thu 23 Aug 2007 04:48 AM PST
The Dubai Investment Group has picked up 40 percent state in Indian IPTV company Time Broadband via their subsidiary Dubai Ventures, as per a release. Now, last year, Time Broadband Co-founder and CFO Tushar Shah had told Contentsutra in an interview that they had divested 33 percent stake for Rs. 25 crore to Dubai based Clarion Group. So I was wondering whether they had divested 73 percent in all...apparently, not.
Amit Dev, co-founder and CTO of Time Broadband tells me that after an internal restructuring, the co-founders and Aniyan Kutty Kunju, Chairman of the Clarion Group now collectively hold 60 percent stake in the company, while Dubai Ventures has 40 percent. Thus, the foreign equity holding in the company is 40 percent. The Dubai investment group intends to help the company expand into foreign markets; they also have investments in the telecom sector - in Maltacom and Tunisie Telecom.
Posted in: Broadband, TV, Venture Capital
