Aksh Optifibre plans to raise up to $20 million through a private placement to grow its IPTV and Voice over Internet Protocol (VoIP) business in India. The amount will be used to part finance Aksh's capex requirement as it plans to ramp up its subscriber base from 35,000 to 650,000 by March 2013.

The company, which provides IPTV services with MTNL and BSNL, believes that such a fund raising is essential for “unlocking the significant potential in the Services Business”.

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