Temasek to invest $300 mn in TV channel

Temasek Holdings, an investment arm of the Singapore government, is believed to be in talks with a clutch of Indian media professionals and business houses to set up a TV broadcasting company.

The proposed company could rope in former CEO of Star TV Peter Mukerjea and Mukesh Ambani, the latter through his personal investment companies, as well as some US-based equity funds.

Sources say the proposed company, for which talks are on among possible partners, will operate news and current affairs, as well as entertainment, channels. Ambani, Temasek and US investors are to get 26 per cent each and the remaining portion will be divided among Mukerjea and other professionals who join later.

The channel would look at an investment of around $300 million (roughly Rs 1,400 crore) in the next two to three years. A Temasek spokesperson in Singapore "declined to comment on market rumours." A Reliance Industries spokesperson also declined comment.