Zee targets to become the largest integrated convergence company
Alok Agarwal
26 September 2000
Addressing the shareholders at the 18th annual general meeting of Zee Telefilms, Subhash Chandra, chairman, made his intentions clear. "It is my ambition to make Zee the world's largest integrated convergence company and to achieve this we are building our business through a combination of access and content," he announced to the large gathering of shareholders.
He said, "So much is happening in the convergence economy that internally we often speak and discuss amongst ourselves about the need to get into some areas while leaving the others. We feel there is a great necessity to get into convergence arena, in order to enhance shareholder value or we will be left behind if initiatives are not taken at this stage." He went on to stress that the company views itself at the forefront of convergence economy and because of its USP in using and exploiting relevant technology in an optimum manner, the company has got into Internet, cable, the HFC project, last mile connectivity, knowledge and other related areas.
According to Mr. Chandra the media business has come a long way from being a mere Rs. 2,000 crore industry in 1992 to about Rs. 15,000 crore now. His prognosis for the future – while the industry is likely to touch Rs. 45,000 crore by the end of year 2005, the ICE economy is likely to grow to a whopping Rs. 100,000 crore.
Mr. Chandra recounted the days when he ventured into the media business. He said the same banks and financial institutions, which were hesitant to lend him the first Rs. 3 lakh required for Zee Telefilms, are running behind him to fund the company's activities.
While reassuring the shareholders that their company was well poised to take advantage of the fruits of the ICE economy, he spoke on various subjects.
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