Dhoot Entertainment Network of the Rs 6,000-crore (Rs 60 billion) Videocon group has entered into an agreement with an Australian firm for launching a 24-hour TV business channel - Money TV - in the country.

Chief executive officer of the network, Anirudh Dhoot, told reporters in Kolkata on Thursday that the group will first launch an entertainment channel under the name V1 in February 2004, to be followed by Money TV.

Dhoot, however, declined to give the name of the firm due to the confidentiality agreement which both the partners have entered into.

He said DEN, a division of Videocon Leasing & Finance Limited, will invest around Rs 100 crore (Rs 1 billion) for launching the two channels.