ZEE Media Corporation Ltd (ZMCL) has begun the process of launching its first ever television shopping channel by acquiring an 80 per cent equity stake in Today Merchandise Pvt Ltd (TMPL) and Today Retail Network Pvt Ltd (TRNL).
According to IndianTelevision, the company plans to invest around Rs. 165.78 crore in the project over the next four years. With this acquisition, the broadcaster has cut the timescale to launch the channel and plans to scale up the business at a faster pace.
ZEE will acquire 49 per cent equity into the company by June this year. It will then increase its stake by investing up to Rs. 126 crore over a period of four years. The shareholding of the company shall be 80 per cent of fully diluted capital of TMPL and TRNL.
Currently, Today Merchandise and Today Retail Network are running into losses. They have been mulling over the launch of its television channel. They also operate an e-commerce website called Bag It Today.com.