Friday, March 30, 2007

India TV receives $11.5 mn from Com Ventures affiliate FUSE+Media

Hindi news channel India TV has secured private equity funding of around $11.5 mn (Rs. 50.96 crores) FUSE+Media, an affiliate of US-based venture capital firm Com Ventures. The channel has also received approval by the Foreign Investment Proposal Board for the same.

FUSE+Media has invested in India TV through Mauritius-based CV Global Holdings. The investment would give FUSE+Media a 19.17% stake in Independent News Services Private Limited, which is India TV’s parent company, co-founded by Rajat Sharma and Ritu Dhawan. The FUSE+Media stake includes shares divested by existing stakeholders of Independent News Service.

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