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Playwin Infravest readies Rs 3.5-billion spread plan

Rumi Dutta

The initial success of the Essel group's online lottery business has prompted its promoters to chalk out a Rs 350-crore (Rs 3.5 billion) expansion plan.

Confirming the development, Sanjay Das, CEO of Playwin Infravest, said, "Having measured the immense potential of the business, we have embarked on a nationwide expansion. We plan to install 15,000 terminals across the country over the next few months."

"We already spent around Rs 350 crore (Rs 3.5 billion) in the first round. We are currently planning a further investment of Rs 350 crore (Rs 3.5 billion), which will enable us to put in place the countrywide network," Das added.

He, however, declined to elaborate the method of financing the proposed expansion.

Although the Subhash Chandra-promoted company is evaluating various modes to finance its plans, sources close to the development said, it would primarily look at raising debt to fund the expansion.

The company is also dabbling with the possibility of going in for an initial public offer.

"We are considering the possibility of an IPO. However, its at a premature stage and we have not finalised anything on the issue," sources said.

The lottery draw is telecast on Zee TV's new game show Khelo Number Khelo at 9 pm on Thursdays.

Zee Telefilms expects viewership ratings for the show to rise in the coming months.

In fact, it has revamped its prime-time programming to coincide with the launch of the online lottery by Playwin Infravest.

Incidentally, Nilesh Taware, a student from Bhiwandi in Mumbai won the first jackpot worth Rs 2 crore (Rs 200 million) last week.

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