MUMBAI: Essel Shyam Communication Ltd, a 50:50 joint venture between Essel and Shyam Group, has bagged two turnkey projects for television channels in Bangladesh valued together at $5 million (Rs 225 million).

Bangla Vision, a 24-hour news and entertainment channel, has used Essel Shyam's services for integrating the complete set up starting from acquisition (studio) to transmission (teleport). Essel Shyam is doing similar work for CSB, a news and entertainment channel which is expected to launch later this month.

The other contracts include putting up VSATs for ONGC in 154 locations across the country at a value of Rs 164 million and for ministry of defence at 97 locations in the Himalayan range for Rs 270 million.

"With this, we are targeting a turnover of Rs 750 million for this fiscal, up from Rs 537.8 milllion a year ago. For CSB, the project includes setting up of a complete satellite channel including newsroom automation," says Essel Shyam Communication ED and whole time director Lalit Jain.

Essel Shyam is planning to raise Rs 600 million through an initial public offering (IPO) to fund its expansion plan. The company has filed Draft Red Herring Prospectus with SEBI (Securities Exchange Board of India) and proposes to offer 55,00,000 equity shares of Rs 10 each through the book building process.

Essel Shyam is into the business of providing various services related to satellite communication such as VSAT, teleport, SNG/DSNG and BPO facilities. The company is providing teleport services to channels of Zee Group, Janmat, Zoom (Times Group), IBN 7, Hungama TV. Several regional channels like Shalom TV, MM TV, Sangeet Bangla, Total TV and Sudarshan TV are also using Essel Shyam's teleport. The company has recently set up a mode