Dubai has bought 40 percent of India's Time Broadband Services Ltd. and plans to help the company expand its Internet-based television service into foreign markets, an agency owned by the emirate's ruler said.
Time Broadband is about to launch services in India via the Internet including satellite channels, movies and interactive television, Dubai Investment Group said in a statement on Wednesday. It did not say how much it paid for the stake.
Time Broadband was founded in 2005 and will initially sell its service via telecoms operators in New Delhi and Mumbai, according to its Web site.
“Our intention is not only to make this a success in India, but to help the company take this value proposition globally,” Dubai Investment Group said.
Dubai Investment Group has holdings in Tunisie Telecom, Maltacom and Dubai-based Du through its Tecom Investments arm. Tecom has committed to building a 253 million euro ($341 million) information technology hub in Malta along the lines of the Dubai Internet City.
Source: Reuters