Mumbai: Laqshya Media Pvt. Ltd., an ‘Out of Home Media Player’ company has announced that its UAE subsidiary, Right Angle has successfully obtained an equity participation of over Rs152 crore from Amwal Al Khaleej, a leading funding group in the Gulf.
This will help the group in expanding its operations across the Arab world covering UAE, Oman, Qatar, Bahrain, Kuwait, Saudi Arabia, and into Egypt, Libya, Algeria, Tunisia, Morocco, Jordan, Syria, Lebanon and other areas.
This is the second largest funding to the group in less than nine months.In October 2006, the company attracted the first private equity funding in its sector from UTI ventures which was close to $10 million (Rs40 crore).
Right Angle Media had recently acquired permission to design erect and to operate 1000 air-conditioned bus shelters in Dubai, considered to be a breakthrough in street furniture design and deployment as well as one of the largest ever projects in the Arab World.
A 100 crore plus, Mumbai based player in the Indian OOH media space, it has 20 strategically placed offices in India and abroad. Its South East Asia expansion plans include operations in Srilanka, Thailand, Indonesia, Philippines, Malaysia, Singapore and China.