Mogae Group picks up 20 per cent equity stake in Turmeric Ventures

By afaqs! news bureau , afaqs!, Mumbai | In Media Publishing
Last updated : September 28, 2010
Turmeric Ventures, the investment vehicle of chef Sanjeev Kapoor, will soon launch a television channel dedicated to food; the Astro Group of Malaysia will hold a majority stake in the new channel

Dentsu India's founder and chairperson Sandeep Goyal's investment company, Mogae Group, has picked up 20 per cent equity stake in Turmeric Ventures, owned by chef Sanjeev Kapoor.

Turmeric Ventures plans to launch a 24 hour television channel soon. The channel will be dedicated to food and is expected to go on air before the end of the year.

The Astro Group of Malaysia is investing US$28 million in the new channel and will hold a majority stake in it. The stakes of the original promoters will get proportionately diluted after the Astro investment.

Tanya Goyal, director, Mogae Group, says, "We are delighted to join Kapoor in his dream venture. We believe Turmeric's round the clock food channel will be a path breaker and we at Mogae are proud to be associated with it."

The Mogae Group owns 26 per cent in all of the Dentsu ventures in India. Mogae and Astro already have an equally shared joint venture (JV), Mogae Digital, a significant player in mobile VAS services. Mogae also owns 49 per cent of Dentsu's interests in West Asia, headquartered at Dubai.

Mogae and Astro are also co-investors in Diginatives, a software company specialising in educational products.

Among Mogae's other interests is a 50:50 JV with the Times of India group in the Indian Fantasy Games venture that runs the gaming portal The company is also a co-promoter with Times of India, STAR TV and the Zee Group in the media trading portal,, and also co-owns PR companies Torque and Midori.

First Published : September 28, 2010
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