Siti Networks Ltd Company Summary

Siti Networks Ltd Summary

Siti Networks Limited was originally incorporated as Wire and Wireless (India) Limited on March 24, 2006. The Company was formed as a part of the whole demerger of Zee Entertainment Enterprises Limited, in which all the Cable TV Distribution Business within Zee Entertainment Enterprises Limited and Siticable Networks Limited was transferred to the Company effective from March 31, 2006. Later, upon the Scheme of Arrangement for Demerger, the Company had changed the name to Siti Cable Network Limited on September 5, 2012 and further to Siti Networks Limited on August 5, 2016. The Company is engaged in distribution of television channels through digital cable distribution network and allied services.Company operates Indias premium digital TV network. As one of Indias largest Multi System Operator (MSO), it has 6 digital head ends and a vast network of over 33,000 km of Optical Fibre and coaxial cable. It utilizes 1.5 Gbps links for panIndia transport of digital TV signals and collaborates with 24,904 LCO partners nationwide. The Company offers cable services in 800 locations, across over 245 districts in over 16 States and UT in India. With 130 IP points, SITI Networks serves a substantial customer base of over 4.5 million active customers. Apart from this, it offers diverse products such as Digital and Broadband, Local Television Channels, and Electronic Programming. The service offerings include OTT, high-speed gaming solutions, IoT-ready networks with security camera and surveillance options and business solutions in the ILP and ILL domains.During the year 2006-07, the company launched packages such as GalaxZee Bonanza, GalaxZee Premium etc and Digital Cable Entertainment in order to provide better services to high end commercially important customers. Also, they implemented Conditional Access System (CAS) in Mumbai, Delhi and Kolkata as per directives of Telecom Regulatory Authority of India. They launched Internet over Cable services in Bangalore during the year. The company set up a joint venture company, namely Wire and Wireless Tisai Satellite Pvt Ltd along with Tisai group at Kalyan in Maharashtra on June 1, 2006 for providing cable services in that area. The company holds 51% equity stake comprising of 5,100 equity shares of Rs 10/- each in Wire and Wireless Tisai Satellite Pvt Ltd. In April 2008, Central Bombay Cable Network Ltd a subsidiary of the company acquired 66% holding in Master Channel Community Network Pvt Ltd.During 2009, Master Channel Community Network Private Limited became a subsidiary of the Company. The Company acquired 51% equity stake in Siti Digital Media Pvt. Ltd., effective July 21, 2010.During 2011-12, Company acquired 51% equity stake in Siti Bhatia Network Entertainment Private Limited, Siti Jind Digital Media Communications Private Limited and Siti Jai Maa Durgee Communications Private Limited and accordingly, the number of subsidiary companies of the Company increased to 9 as compared to 6 during FY 2010-11.During 2011-12, due to inter se transfer of equity shares amongst group company of the Company, M/s. Bioscope Cinemas Private Limited became the Holding Company of the Company, which acquired 26,20,40,427 fully paid up Equity Shares constituting 57.95% of the Paid Up Equity Share Capital of the Company through inter se transfer amongst Promoters. The Company implemented the digitization of TV signals in its 20 key markets which falls under Phase-1 & 2 cities of mandated Digital Addressable System (DAS) besides expanding Digital horizon in Cities falling in DAS phase 3 & 4. It seamlessly installed 3 million Set-top-Boxes (STBs) in its markets in Phase-I and Phase II.Due to inter se transfer of equity shares amongst promoter entities, M/s Bioscope Cinemas Private Limited ceased to be the holding company of Siti Cable Network Limited during 2013.During the year 2013-14, the Indian Cable Net Company Limited, one of the subsidiary companies of the Company, acquired 50.10% equity stake in Siti Maurya Cable Net Private Limited. Accordingly, the number of subsidiary companies of the Company increased to 14.During 2014-15, the Company acquired 51% stake in Siti Global Private Limited, Siti Karnal Digital Media Network Private Limited, Siri Digital Network Private Limited and 100% stake in Siti Broadband Services Private Limited. Accordingly, the total No. of subsidiary companies of the Company increased to 18 from 14. It launched high-speed internet services on the DOCSIS 3 platform in Delhi/NCR by leveraging the existing cable network. It expanded the digital cable presence to 130 cities. In the broadband space, Company intensified focus and increased the base to 1,67,000 subscribers in Delhi & Kolkata as of 30th June 2016.The Company acquired 51% stake in Siti Prime Uttaranchal Communication Private Limited, Siti Sagar Digital Cable Network Private Limited (formerly known as Panchsheel Digital Communication Network Pvt. Ltd.), Siti Saistar Digital Media Private Limited (formerly known as Saistar Digital Media Private Limited), Siti Godaari Digital Services Pvt. Ltd. (formerly known as Bargachh Digital Communication Network Private Limited) and 100% stake in Variety Entertainment Private Limited. Indian Cable Net Company Limited, subsidiary company of the Company also acquired stake in two companies i.e. 100% stake in Indinet Service Private Limited and 50% stake in Axom Communications & Cable Private Limited, accordingly these companies also became step down subsidiary companies of the Company during 2015-16. Accordingly, the no. of subsidiary companies increased to 25. In broadband, Company increased the customer base to 2,40,000 subscribers, primarily in Delhi, Greater Noida, Kolkata, Hissar, Karnal and Rohtak as of 30th June 2017. The Company incorporated a wholly owned Limited Liability Partnership namely SITI Networks India LLP effective on May 7, 2018.During 2018-19, Siti Bhatia Network Entertainment Private Limited (SBNEPL) ceased to be subsidiary company, as the Company had sold 10409 equity shares (being the entire stake of the Company constituting 51%) of SBNEPL on June 14, 2018; In consequence of SBNEPL ceased to be subsidiary company of the Company, Siti Chhattisgarh Multimedia Private Limited, wherein SBNEPL was holding 41% equity shares, ceased to be associate company of the Company. Axom Communications & Cable Private Limited, which was subsidiary company of Indian Cable Net Company Limited (ICNCL), ceased to be subsidiary company of ICNCL. Accordingly, Company had 23 no. of subsidiary companies as on March 31, 2019.Variety Entertainment Private Limited (VEPL), which is wholly owned subsidiary company of the Company had purchased 49% Equity stake in Siti Godaari Digital Services Private Limited (SGDSPL) on May 29, 2019. After such purchase, SGDSPL (wherein the Company already holds 51% Equity stake) became wholly owned subsidiary company of the Company; Variety Entertainment Private Limited (VEPL), had acquired further 4.75% Equity stake in Voice Snap Services Private Limited (VSSPL) on July 21, 2019. Accordingly, Equity stake of VEPL in VSSPL increased to 40% and the same continues to be an associate company of the Company.The wholly owned subsidiary company of the Company namely Variety Entertainment Pvt. Ltd. acquired 50% Equity Shares in the paid-up Equity Share Capital of Paramount Digital Media Services Private Limited. Accordingly, Paramount Digital Media Services Private Limited became Joint Venture company of the Company.During FY 2019-20, a new SITI Broadband web and mobile interface was introduced to enhance customer experience.During 2020-21, Siti Broadband Services Private Limited, the wholly owned subsidiary company of the Company acquired 51% Equity Shares in the paid-up Equity Share Capital of E-Net Entertainment Private Limited. Accordingly, E-Net Entertainment Private Limited has become subsidiary company of the Company. The wholly owned subsidiary company of the Company namely Variety Entertainment Private Limited has sold its entire stake (i.e. 40% stake) in the Equity Share Capital of Voice Snap Services Private Limited. Accordingly, Voice Snap Services Private Limited had ceased to be associate company of the Company. Indian Cable Net Company Limited has acquired 76% Equity Stake in the paid up Equity Share Capital of Meghbela Infitel Cable & Broadband Private Limited. Accordingly, Meghbela Infitel Cable & Broadband Private Limited has become subsidiary company of the Company. And accordingly, the number of subsidiaries increased to 24. The Company introduced Next Gen SITI PlayTop Magic Android TV Set Top Box (STB) and iOS/Android Apps giving them ease of converting any Television set into a Smart TV in 2021.During 2021-22, the Company launched first MSO space in India, with Hinduja Groups Headend in the Sky (HITS) platform NXTDigital, launched Broadband services in 26 new towns across India, launched a metro ethernet network across Delhi to provide uninterrupted high speed to Broadband customers.In 2022-23, Company launched SITI verified WhatsApp account for better communication with customers and business partners. Further, OTT services through WATCHO online video streaming platform, was introduced by the Company.