Triveni Group, a real estate player with presence in the automobile and media space has bought around 60 per cent stake in socio-spiritual channel Sadhna TV in order to further its plans in the media space.
This has fetched Sadhna TV around Rs 50 crores which will help it to diversify into cultivation of Jatropha plantations for bio-diesel production. As of now, players like Emami, Reliance and Godrej are involved in bio-diesel production.
Although talks of Triveni group buying the entire 100 per cent stake seem to go on, nothing is confirmed at this stage.
The Triveni Group through its group entity Triveni Media Ltd aims to come out with close to four channels initially and the number will go up to 18-19 channels in the next two years.
"The complete bouquet will have channels in segments like lifestyle, regional, sports, cinema etc," informed Madhur Mittal, Joint Managing Director, Triveni Infrastructure Development Limited.
Mittal further informed that the company has already bought a property in Noida where a Tata Group company had its premises. "We will be in a position to air the channel by the end of March," he said.
Sadhna TV Chairman cum Managing Director, Rakesh Gupta said, "We want to diversify into bio-diesel production and would like to substitute petro-diesel by bio-diesel and the association with Triveni will help us in our pursuit."
Gupta said that the 100 per cent management stake will rest with Sadhna TV. He also said that shortly some policy announcements will be made in relation to bio-diesel production after a meeting with the President Dr Abdul Kalam resulted in the latter's interest in the project.
Sadhna TV may also come out with an IPO by the next year, informed Gupta.