UTV to invest $200 mn for 8 new channels in Gulf

Dubai, May 11: Media company UTV will invest 200 million dollars as it plans to launch eight new television channels between August this year and March 2008.

''We are finalising the launch of the eight new channels.

Four of them will go on air from August 15 this year and by March 2008,'' UTV Group Chief Ronnie Screwvala told Gulf News.

Of these, four would be pay channels under the Bindass banner, targeting India's young urban viewers, he said adding that all his channels would be available in the Gulf through distribution tie-ups.

UTV, which has 12 movies under production, plans to become a global media entity by tying up with major Hollywood production houses, he was quoted yesterday.

West Asia is an important market for the Indian film industry, he said adding that foreign viewership fetches the largest in the world in terms of volume between 10-30 per cent revenue to Indian movies.

UTV has a market capitalisation of 220 million dollars, and is listing its motion picture arm on London's Alternative Investment Market next month, Mr Screwvala said.

UNI