MUMBAI: Zee Telefilms has restructured its overseas subsidiary companies in 2004-05 to streamline and simplify operations.

Asia Today Ltd (ATL) has acquired 100 per cent stake in Pan Asia Infrastructure Ltd (PAIL), a company incorporated in Mauritius. The company has leased land from Dubai Media City to build office space and a studio. This is in line with Zee's expansion plans in the Middle East.

In Dubai, Zee has formed a subsidiary, Zee Telefilms Middle East F.Z.L.L.C. This company, formed to handle broadcasting operations for the Middle East from the Dubai Media City, has an issued share capital fully held by ATL. Incidentally, Zee plans to launch a music and lifestyle channel, Zee Arabia, targeted at South Asians in the Middle East.

ATL, in fact, has become the hub for Zee's international operations. As part of this exercise, Expand Fast Holdings Ltd, BVI was merged with ATL during the year.

ATL has also entered into a joint venture with Resource Software Ltd to seek programme procurement and packaging expertise for Zee's English movie channels. ATL holds a 60 per cent in the joint venture company, Asia Business Broadcasting Mauritius Ltd. The need for a JV followed the buy out of MGM by Sony. ATL was hosting the English movie channel Zee MGM.
 
 
Zee Interactive Learning Systems Ltd (ZILS), a wholly owned subsidiary which is primarily engaged in the business of technology led learning, is being capitalised. ZILS has proposed to issue of 10,00,000 equity shares of Rs 10 each at a premium of Rs 20 to the company by converting/capitalising outstanding advances against subscription money payable on the issue. ZLS has also issued and allotted 9,50,000 equity shares of Rs 10 each to Ganjam Trading Co. Pvt. Ltd (one of the promoters of Zee Telefilms) at a premium of Rs 20 per share. This aggregates to Rs 28.5 million against the loans and advances provided by Ganjam. ZILS has, thus, ceased to be the wholly owned subsidiary of the company, though the control and management will remain with Zee Telefilms.