Epic, the new pay television channel set to go on air in August 2013, is led by Mahesh Samat, ex-managing director of Disney (from 2008 to 2012). Anand Mahindra, chairman and managing director of Mahindra & Mahindra, is one of the high net worth personalities investing in the venture.

"Epic will be a first-of-its-kind segmented channel in the Hindi entertainment category. Our vision is to create a brand in TV that will translate our vibrant past into entertainment," said Samat in a statement.

The venture is still subject to regulatory and government approvals. Depending on the public response to Epic, the network said it may launch more niche channels in the future.

According to KPMG data, the Indian pay TV industry is expected to be worth at least $14.4 billion by 2016, of which some 31 per cent will be from advertising and the rest from subscriptions.