gnarls7, A few things here. Although TDI advertises in 100...

gnarls7,

A few things here. Although TDI advertises in 100 stations, XTD screens will most likely only be put in the highest volume ones that makes sense for digital. As such I would expect that under a full rollout it may only be on a dozen stations give or take. Also, given the lower income and per capita GDP, ad rates in India will be lower so $150k per screen will prove to high, although this will be offset by a much lower cost per screen which should be under $100k per.

General comments,

From what I can tell, this is a JV arrangement and the 50/50 split is with TDI only which I presume is after the rail operator's cut. As such, XTD may get closer to 35% to 45% see-through on total net ad revenues.

Reading the bio on TDI, they would be prime for Embark outside of rail as well given their broader advertising reach and digitalisation. IMO, this could be a stepping stone to a broader relationship with CL in that regard.