Dish TV to invest Rs 70 crore in Sri Lankan subsidiary
The co is yet to create a broadcasting centre or satellite link facility in the country but it has plans to enter in the market
Subhash Chandra-promoted leading Indian direct-to-home (DTH) company Dish TV is ready to expand its presence in Sri Lanka with its subsidiary company – Dish TV Lanka. Dish TV is looking to invest Rs 70 crore in the company.
Dish TV Lanka is a 70:30 joint venture company between Dish TV and Satnet Private Limited. Dish TV Lanka was oncorporated on 25 April and Satnet owns a DTH licence in Sri Lanka.
Dish TV has also got the shareholders’ approval to invest Rs 70 crore in the JV. It is learnt that the company is yet to create a broadcasting centre or satellite link facility in Sri Lanka, but it has plans to enter in the market. However, at present, the company is more focussed on Indian operations and putting all the energies behind the huge opportunity that lies with digitisation.
Dish TV said its shareholders have approved a “Special resolution under Section 372A of the Companies Act, 1956 to make loans/investments or give guarantee or provide any security to provide up to Rs 70 crore in Dish TV Lanka (Private) Limited, over and above the limits prescribed under the said section.”
Dish TV also announced its second quarter results for FY 2012-13. The company has posted a net profit of Rs 55.1 crore. Its the third consecutive quarter when the company's balance sheet has remained in black. It added 4.77 lakh new subscribers during the quarter and has improved its ARPU (average revenue per user) to Rs 159.