Zee Entertainment Enterprises Ltd (Zeel) has acquired 32.2 per cent stake in Taj TV Mauritius for an investment of $31 million during the financial year ended 31 March 2010, taking its total holding in the company to 82.2 per cent.
Zeel will make the additional purchase of 12.8 per cent for $13.14 million, according to the company's corporate strategy, planning and business development
head Atul Das.
The holding in Taj TV Mauritius will be through a newly floated company, Zee Sports International, a subsidiary of Zeel.
Zee Sports International will finally hold 95 per cent stake in Taj TV Limited Mauritius and 100 per cent stake in Taj Television (India), paying the Bukhatir Group a total consideration of $44.145 million.
In late 2006, Zeel had acquired 50 per cent stake in Dubai- based Taj Television for $57.15 million.
Taj TV Ltd Mauritius operates sports channel Ten Sports.
Source: Indian Television