In "a very sharp review" of its investment plans over the last 60 days, UTV Software Communications Ltd has taken steps to cut costs in its broadcasting division.

The company said in a statement on Monday that by phasing out its Delhi operations, it has consolidated its operations for four television channels - Bindass, Bindass Movies, UTV Movies and World Movies - from the Mumbai office only.

The total investment of the company has also been cut by over 2 billion rupees to ensure total future investment does not exceed 1 billion rupees, over and above the initial investment of 36 million rupees made by Disney and UTV.

In August, Walt Disney Co acquired 15 percent stake in UTV Global Broadcasting for 1.18 billion rupees, while UTV Software bought 75 percent stake for 2.4 billion rupees.

UTV said the moves to cut costs are aimed at substantial cost savings, as its future investment plans involve an overall rationalization of costs and investments primarily through saving in Capex, Carriage fees and total overheads.

In fact, the projected savings of 2 billion rupees also cuts down projected losses by more than 60%. This way the company can achieve set benchmarks, namely - loss in the broadcasting vertical of the current fiscal 08-09 to be below 15 billion rupees; loss for fiscal 2009-2010 to be less than 250 million rupees; and breakeven to be achieved in subsequent year.