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Videocon d2h deputy CEO Rohit Jain resigns
MUMBAI: Videocon d2h deputy chief executive officer Rohit Jain, who had played a big role in growing the direct-to-home (DTH) company to a value of over $1 billion, has resigned ahead of its merger with Dish TV.
Jain will depart from the company by the end of this month, a source said. He had joined Videocon d2h as deputy CEO in June 2010.
Though Jain’s next destination is not known, the source said he would remain in the media sector.
Jain, who is currently serving his notice period, could not be contacted for his comment.
Working along with Videocon d2h executive chairman Saurabh Dhoot and CEO Anil Khera, Jain saw the company make its Nasdaq debut following the listing of $325 million worth of American depository receipts (ADR) it sold to US-based Silver Eagle Acquisition Corporation (SEAC).
Videocon d2h, in fact, was the first Indian company to list in the US via the special purpose acquisition company (SPAC) route.
Despite being the last DTH company to enter the market in India, Videocon d2h is cash flow-positive and has posted profit at the net level. In FY17, the company reported net profit for the first time. Net profit stood at Rs 30.4 crore compared to a net loss of Rs 92.2 crore in FY16.
Videocon d2h is also one of the leading players in the number of subscribers it services. The DTH arm of Videocon Group ended FY17 with 12.91 million net subscribers compared to Dish TV’s base of 15.3 million. The combined strength of the merged entity would thus be a whopping size of over 28.31 million subscribers.
Jain also played a role in the merger talks with Dish TV. After obtaining the necessary approvals, the merger is expected to complete by this October. The merged entity, to be named Dish TV Videocon, will create the largest DTH company in India and the second-largest in the world by subscribers.
Prior to Videocon d2h, Jain has worked in organisations like Aon and PricewaterhouseCoopers.