The group is partnering with SAIF, a leading Asian private equity fund, for the channel
Television Eighteen is venturing beyond news. The television broadcaster is now partnering with SAIF Partners, a leading Asian private equity fund, to launch a television channel on home shopping. The new channel is expected to go on air within the next six months.
SAIF, which also has a shopping network in China, has already provided the initial funding for the project.
In an official communique, Haresh Chawla, CEO, TV18, explains the need for the new initiative, “This is the right time to venture into the shopping network. After guiding the consumers about the market, we thought entering the market ourselves would be a wise move.”
Chawla is hopeful of driving a major section of the 70 million adult viewers – who tune in to the TV18 network every day – to the new channel.
He adds, “The HSN network will be simple and user-friendly. People can buy the products and services over the phone by logging on to the channel’s site or sending an SMS to the channel.”
Ajay Chacko, marketing head, CNBC-TV18, says, “The new channel will feature products from the market as well as directly from manufacturers who do not get the desired place in the market.”
Chacko insists that stringent quality checks will be adhered to while selecting the products and the brands.
The name of the channel has not been decided yet, but Chacko insists that it will be along the lines of ‘Home Shopping Network’.
© 2006 agencyfaqs!