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Aksh Optifibre Board Approves $333 Million Fund Raising

The fund-raising doesn’t seem to stop at IPTV company Aksh Optifibre. After successfully closing a funding of $25 million via Global Depository Receipts (its board had approved for $50 million), for funding the expansion of its IPTV business, the Aksh Optifibre board has now approved a fund raising of $333 million (Rs. 1500 crore).

Aksh is an IPTV (iControl) and VoIP (Pigeon) franchisee for government owned telecom operators BSNL and MTNL, and has to provide services to customers in collaboration with these telecom operators. The IPTV business has struggled to take off in India, given a lack of initiative from telecom operators to invest in wireline based businesses, and poor quality of customer service. Mobile IPTV is being pitched by UT Starcom, but frankly, the ability of wireless spectrum to handle high quality video delivery and interactivity is questionable.

Aksh Optifibre reported operating income of Rs. 1.33 crore for the quarter ending June 30th 2010 from its services business, which includes IPTV and VoIP, and a loss of Rs. 5.79 crore. The income from this segment is stable – for the same quarter in the previous fiscal, it had reported revenues of Rs. 1.34 crore, and losses have reduced from Rs. 8.15 crore.

In July, the comany had announced the incorporation of an international subsidiary, “or expansion of Companies Business in IPTV/VOIP/FTTH/TRIPLE PLAY, etc.”, and its former Managing Director, Dr. Kailash S Choudhari moved to its overseas business, after selling much of his shareholding in the company.

IPTV Co Aksh Closes $25 M GDR Issue; MD Resigns, Moves To International Subsidiary
– IPTV Co Aksh Looks To Raise Up To $50M; Deutsche Bank AG Holds 7%
IPTV Co Aksh Looks To Raise Up To $50M; Deutsche Bank AG Holds 7%
Aksh Optifibre’s IPTV & VoIP Losses Down

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