SITI eclipses 4 million subscriber mark

03 Apr,2014

By a correspondent

 

SITI Cable Network Ltd has achieved the landmark of 4 million digital customers as on 31stMarch 2014. Encouraged by the significant improvement in the performance in FY13-14 and to support the aggressive growth plan to grow subscriber base to 10 million in FY 14-15, the promoters have invested additional Rs.2430 million in the business.

 

As per the approval received from Foreign Investment Promotion Board (FIPB) in March 2013 to raise Rs. 3240 million from promoter entities, the company has already received first tranche Rs. 810 million in March 2013 and this is balance tranche fund of Rs. 2430 million. With this total promoter shareholding rises to 72.82 percent.

 

The funds will be utilized primarily for Business expansion and to partially reduce debt.

 

Subhash Chandra, Chairman, stated, ” The Indian television distribution industry is on the cusp of high growth value phase as it marches towards the digitization of balance phases of cable television in the country. With the change in leadership last year, SITI Cable has driven higher revenue and profitability through relentless focus on operational excellence despite uncertain environment. Our sustained investment in this sector will further accelerate the growth momentum and will serve the Digital Cable TV viewing needs of many more million Indians on SITI Cable Network”.

 

Commenting on this development, V D Wadhwa, CEO of SITI Cable said “For the wider digitization roll out, the company needs to invest in upgrading its digital infrastructure further and enter into newer strategic markets. We plan to seed over 6 million set-top-boxes in phase-3&4 markets through organic and in organic growth. We believe that we are well poised to benefit from the ongoing digitization implementation and ready to penetrate the market at a faster rate.”

 

 

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