Kuala Lumpur: Malaysia’s satellite TV provider Astro will invest US$166 million (Rs716.2 crore) for a 20% stake in India’s Sun Direct TV, Astro said.
The company said in a statement late Thursday that its partner in the venture is Kalanithi Maran, the chairman of the Sun TV Network — one of India’s largest television station operators.
The new venture aims to provide direct-to-home satellite TV services in India, Astro All Asia Networks plc said. It expects the new company to incur losses for the first five years, but said India’s satellite TV market is expected to add another 150 million households in the next decade.
Maran said Astro’s satellite TV expertise would “complement” Sun’s “knowledge of the local market” and its development infrastructure, according to the Astro statement.