New Delhi, July 3: Standard Chartered Bank is investing $11 million in NDTV, the news channel owned by Prannoy Roy.
The investment is being routed through Stanchart’s global private equity arm, Standard Chartered Private Equity Ltd.
The investment deal, signed today, was brokered by merchant banking outfit Lazard India.
The agreement between the two will be subject to regulatory approvals and other closing conditions, a Lazard release said here today. It did not spell out how much equity Stanchart would pick up in the news channel.
“We welcome Standard Chartered Private Equity as an investor in NDTV,” Roy said in the statement. Standard Chartered Private Equity is based in Singapore and invests in companies across Asia.
Stanchart’s investment in NDTV comes within a week of STAR News’ move to rope in seven Indian investors, including Kumar Mangalam Birla and Hemendra Kothari of DSP Merrill Lynch, who have picked up a 74 per cent stake in the channel to comply with uplinking laws.
NDTV supplied the news feed to STAR’s news channel till March this year before the Rupert Murdoch-owned channel decided to set up its own news gathering outfit.
After severing ties with STAR, Roy joined the Sony Entertainment Television-led OneAlliance -- a bouquet of channels that includes Sony, SetMax, AXN and Discovery.