Mumbai, May 23 :    Mumbai, May 23:  Mumbai, May 23: Zee Telefilms (ZTL) is planning to induct a strategic partner, probably an international media major, which will widen its market access and help it expand its distribution network. Zee Telefilms chairman Subhash Chandra said the partner will be given representation on the board. The selection, he said, will be based on several conditions. The move comes after a review of the current market trends, and is designed to achieve higher growth apart from enhancing shareholder value. Chandra said he was not averse to a business alliance with either Star or Sony.. 'The strategic partner which will be inducted in ZTL should be able to give us more opportunities to distribute our products globally, apart from giving us the required impetus to increase media assets, syndication revenues, technology advantages and access to capital markets,' he said. Chandra said the amount of equity to be offered will be a mutual decision, and could be done through a preferential allotment or a dilution of promoters' stake, which is now around 60 per cent. Zee is currently identifying investment bankers, and the entire process is expected to be completed in five months. According to industry watchers, there are seven international majors which could fit Zee's bill. These include Walt Disney, Turner Broadcasting & Systems, Bertelsmann, Sony Corp, News Corp, Viacom and Vivendi-Universal. Sources say Australian media moghul, Kerry Packer, is also reckoned in industry circles as a possible candidate. Chandra said Zee is unlikely to identify a company from India because none could provide it with the necessary strategic inputs. Zee said its growth has been spearheaded by an entrepreneurial drive, and south Asia was one of the fastest growing regions. The company is in a position where it can command a lion's share of the market in the region, helped by appropriate access to technology, distribution and finance. 'The ZTL executive committee has decided that partnership with an international media major can open up significant new opportunities for value creation and enhancement, be it in the area of syndication, distribution or content creation for international market,' he told reporters here today. Chandra also mentioned that the group was still looking to divest part of its stake in Siticable. Senior company officials later divulged that the company has put on backburner its plans for a foray into direct-to-home (DTH) broadcast due to regulatory problems. Instead, they say and it has decided to focus on providing last-mile connectivity on the distribution front and on subscription revenues. Investors, happy at the announcement, sent the stock soaring to Rs 131.45 at the close in a 6.74 per cent increase over its previous finish. Earlier in the day, it hit a high of Rs 133.80. Media analysts termed the move as positive by pointing out that while Chandra could now look at sagging valuations to go up, it would have a positive impact on its huge content facility. 'Valuations of the stock will certainly go up. It now remains to be seen what comes out of this announcement,' an analyst pointed out. It may be recalled that valuations of Zee have been on the wane over the past several months due to tough competition from rival channels like Star and Sony, coupled with its own disappointing performances. Further, most of the ambitious plans announced by the company have not borne fruit.