MUMBAI: Having earmarked a corpus of Rs 10 billion for investing in Indian media companies, US-based venture capital fund ComVentures is acquiring a 19.17 per cent stake in India TV's holding company Independent News Services for $11.5 million (Rs 509.6 million).

ComVentures had earlier signed a definitive agreement with NDTV Networks Plc, UK, to invest $20 million. NDTV Networks has wholly owned subsidiary companies NDTV Imagine and NDTV Lifestyle which would launch Hindi general entertainment and lifestyle channels.

The capital infusion will support India TV's plans to launch Gujarati and Punjabi language news channels and go overseas within a year. "We are taking India TV to the US and UK markets. We are also launching two regional news channels which can travel overseas. Fuse+Media is coming in as a strategic partner as they have knowledge of these markets," says India TV chairman and editor-in-chief Rajat Sharma.

Fuse+Media is ComVentures' India dedicated fund. The investment in India TV is done through Mauritius-based CV Global Holdings. "Fuse+Media has a corpus of Rs 10 billion. We are interested in TV, new media, films, animation and special effects," says Fuse+Media CEO and MD Keyur Patel.

India TV has got FIPB (foreign investment promotion board) approval to induct foreign equity "by way of issue of convertible preference shares and purchase of shares from the secondary market." Fuse+Media's stake includes shares divested by the existing shareholders of Independent News Services.

In the competitive Hindi TV news market, India TV has used the interactive element as its differentiator with "Alert Viewer" videos and India Bole's popular helpline. "India TV needs to expand and in this competitve scenario we have to bring in technology for being faster and more interactive," says Sharma.

India TV is doubling its ad rates from 1 April as ratings have been on the upswing over the last six months, he adds.

NEW DELHI: Noting that ?picking up a title that is already in use on a network is in bad taste?, Sahara Samay today protested against the Star News and India TV launching programmes titled ?Silly Point? which was its flagship cricket show.

Mr Prabhat Dabral, Vice President of Sahara News Network, told indiantelevision.com that ?it was sad that other networks have chosen to use the little when it has already been in the public view for such a long time on our network.? He said the issue was not so much of copyright as of professional ethics.

He added that ?Silly Point? had become synonymous with the network as it was launched along with the start of the channel in early 2003. The hour-long show connected millions of cricket lovers in the sub-continent to their favorite game. ?Silly Point? experts include former players like Bishen Singh Bedi and Javagal Srinath.

The channel alleged that both Star News and India TV had launched cricket shows with the same title to cash in on the popularity of the brand during the ongoing World Cup.

While ?Silly Point? on Sahara Samay Network is a serious show right from its inception, the latest versions are based on the satire and spoof on cricket.