India/Malaysia – New Delhi Television Ltd. (NDTV) and a subsidiary of Astro All Asia Networks Plc have reached a definitive agreement to create a strategic alliance for lifestyle channels in India. As per the proposed transaction, South Asia Creative Assets Ltd. (which is a subsidiary of Astro All Asia Networks plc) will acquire a 49 percent stake in NDTV Lifestyle Holdings Pvt. Ltd. (NLHPL) in two tranches, the proposed holding company for NDTV Lifestyle Ltd. by way of subscription of US$40mn. The balance 51 percent stake in the joint venture will be held by NDTV. NDTV Lifestyle operates NDTV Good Times, one of India’s leading English-language lifestyle television channels. A spokesperson from Astro told Television Asia Plus, “South Asia Creative Assets Limited, a wholly owned subsidiary of Astro All Asia Networks plc, has completed (subject to regulatory approvals) a joint venture with New Delhi Television Limited (NDTV) to produce and distribute lifestyle programming, TV channels and complimentary products and services in India.” “The proposed joint venture is part of Astro’s ongoing strategy to selectively invest, with quality partners, in high potential media business across the region. Specifically, this venture allows the partners to capitalise on the growing demand for lifestyle programming in India and leverage Astro’s existing investments in, and access to multiple content distribution platforms in the country,” she added. The Financial Express reported in 13 August 2010 that Astro will invest in NDTV Lifestyle Holding through its Mauritius-based subsidiary South Asia Creative Assets Ltd (SACAL). The report, which cited a source, said that NDTV Lifestyle Holding approached the Foreign Investment Promotion Board (FIPB) to seek the necessary government approval for the proposed investment by SACAL.