Balaji to invest Rs 60cr in JV with Star

New Delhi, Apr 20 (UNI) Balaji Telefilms Ltd (BTL) today announced to invest Rs 60 crore to aquire 49 per cent stake in a joint venture (JV) with the Star Group to create a television network of regional language general entertainment channels.

The Board of Directors of BTL at its meeting yesterday has taken the decisions to enhance and diversify its business.

BTL and Star Group yesterday announced the formation of a JV to create a regional language television channel, targeting the fast-growing market in south India.

The JV, 51 per cent owned by Star and 49 per cent by the company, will have its headquarters in Chennai.

Under this agreement, the two companies will combine their resources to infuse 'Vijay' with the company content.

It also aims to launch a Telugu channel by the last quarter of the year. Channels in key regional languages, Kannada and Malayalam, will be launched within next two to three years, a company statement said.

Star, will be responsible for the operations of the new channels.

Balaji, which has been creating top-rated shows in various languages for the past eight years, will produce regional language shows exclusively for the joint venture.

UNI