TIM has been valued at Rs 1,200 crore, and both Goldman Sachs and Lehman Brothers have acquired an equity stake of 8.28 per cent each
Innovative Media Ltd (TIM), the out of home media subsidiary of Entertainment Network India Ltd (ENIL), has got a combined equity investment of Rs 200 crore from Goldman Sachs and Lehman Brothers. TIM has been valued at Rs 1,200 crore, and both Goldman Sachs and Lehman Brothers have acquired an equity stake of 8.28 per cent each.
Goldman Sachs is a leading global investment banking, securities and investment management firm, which provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals.
Lehman Brothers is a 157 year old company and considered to be an innovator in global finance. It is into investment banking, private equity, equity and fixed income sales, trading and research, private investment management and asset management globally.
AP Parigi, managing director, ENIL, says, "The strong growth potential indicated by the Indian economy is also expected to benefit the out of home media sector. And as a significant player in this sector, Times OOH plans to be in the forefront of several initiatives."
Parigi hopes the fresh investment will elevate the profile of TIM significantly.