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Hinduja Venures to directly infuse Rs 300 crore in IndusInd Media
MUMBAI: Hinduja Ventures Ltd (HVL) will invest Rs 300 crore ( Rs 3 billion) in IndusInd Media & Communications Ltd (IMCL). Earlier, the fund infusion into IMCL was to be routed through Grant Investrade, HVL’s wholly owned subsidiary.
HVL’s board of directors has decided to directly infuse the fund into IMCL, which is meant for expanding the digital base of its cable TV network and effect improvement in services offered to customers.
HVL’s board sees a huge consolidation of cable TV in the near term, with the spread of digitisation across the country.
The company has also decided to invest Rs 2 crore (Rs 20 million) in Grant Investrade, its investment arm, which holds stake in IMCL.
IMCL has an estimated subscriber base of 85 lakh (8.5 million) across 36 cities. It offers over 350 channels in the digital mode.
The company also offers broadband services through the backbone of over 10,000 km of hybrid fibre-optic network. Its cable television distribution business operates under the brands INCableNet and INDigital.
As of 31 March 2013, Hinduja Ventures, along with Grant Investrade, holds 61.71 per cent stake in IMCL. IndusInd International Holdings (11.25%), IndusInd Communication (Mauritius) (10.07%), Amas Mauritius (6.92%), IndusInd Bank (5.07%) and IndusInd Channel (Mauritius) (2.70%) are the other key shareholders of the company.
It may be recalled that IMCL recently restructured its top management and named Tony D’Silva as managing director and CEO of the company. IMCL managing director Ravi Mansukhani and CEO Nagesh Chhabria have quit the company.