TACTV plans to launch OTT service, secure loans worth Rs 100 cr
MUMBAI: Tamil Nadu government-owned Arasu Cable TV Corporation (TACTV) planning to launch its in-house over the top (OTT) service. TACTV also plans to secure a loan worth Rs 100 crore in FY 2019-20 with a government guarantee.
Minister for Information Technology M. Manikandan told the assembly that TACTV will also provide IPTV services and internet connectivity to rural and urban households apart from the OTT service.
He said that TACTV proposed to secure a loan of Rs 100 crore during 2019-20 with government guarantee since there is an accumulated cash flow deficit on account of purchase of set top Boxes (STBs).
Manikandan also said that there was a paucity of funds to meet the repayment schedule and also expenditure relating to broadcasting due to heavy investment on procurement of STBs by TACTV.
TACTV’s unaudited net profit for the fiscal ended March 2018 had dropped 91% to Rs 1.68 crore compared to Rs 18.22 crore in the previous fiscal. However, the cable TV service provider’s revenue for the fiscal had jumped 5.5% to Rs 248.95 crore compared to Rs 235.9 crore in the prior fiscal.