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UTV hunts for strategic partner for UTVi

Within a year of the launch of its English business news channel UTVi, the UTV group has decided to rope in a strategic partner with a "significant stake". According to investment banking sources, the company is looking at raising between Rs 100 crore and Rs 125 crore from the strategic partner on a valuation of about Rs 200 crore. The funds are needed to meet losses for the next two years, sources said. The channel, which was launched in April 2008, earns around Rs 2 crore a month and incurs an operating monthly cost of Rs 7.25 crore. As a result, its monthly loss is around Rs 5 ...